Industry News
Mortgage Industry News
Earthquake Off Coast of Japan Causes Tsunami
03/11/2011
An 8.9 magnitude earthquake occurred 81 miles off of the coast of Japan causing a 10 meter tsunami; Sendai, a city with a population of 1 million people, received the brunt of the damage; insurance stocks are trading lower. In Saudi Arabia, anti-government demonstrators are advocating a "Day of Rage". PIMCO’s Bill Gross cut holdings of US debt to 0% in the $247B Total Return Fund. Right now, the futures market is pricing in about an 82% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.39% (3.45% yesterday) and the 2-10 yield spread is at 274bps, flattening 3bps since yesterday morning.
