Industry News
Mortgage Industry News
Daily Market Color
09/03/2009
Initial and continuing jobless claims printed worse than expectations. Combined with yesterday’s weak ADP number, some analysts may begin to worsen their predictions from tomorrow’s Nonfarm Payrolls (current consensus is -230K). After the Shanghai Composite Index has fallen into a technical bear market, the Chinese government may adopt measures to boost equities. Right now, the futures market is pricing in a 93% chance that the Fed keeps rates somewhere between 0% and .25% through December 16th, 2009. Currently, the Ten Year yield is at 3.33% (3.36% yesterday) and the 2-10 yield spread is at 241bps, flattening 4bps since yesterday morning.
