Industry News
Mortgage Industry News
Daily Market Color
08/20/2009
Initial Jobless Claims continue to be weak, rising 15k from last week; continuing claims remain elevated. Sears reported an unexpected 2Q loss due to severance payments and costs of closing stores. Today, the Treasury will announce next week’s auction amounts for 2yr, 5yr, and 7yr notes. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates somewhere between 0% and .25% through December 16th, 2009. Currently, the Ten Year yield is at 3.46% (3.41% yesterday) and the 2-10 yield spread is at 245bps, steepening 2bps since yesterday morning.
