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Mortgage Industry News
Nonfarm Payrolls Increase Most In 3 Years
04/02/2010
Nonfarm payrolls increased by 162K in March, the most in 3 years. This number includes 48K census workers; the unemployment rate remained at 9.7%. Yesterday, the Treasury announced their auctions for next week: $8B in 10yr TIPS, $40B in 3yr notes, $21B in 10yr notes, and $13B in 30yr bonds. Right now, the futures market is pricing in a 75% chance that the Fed keeps rates at .25% through August 10th, 2010. Currently, the Ten Year yield is at 3.90% (3.85% yesterday) and the 2-10 yield spread is at 284bps, steepening 1bp since yesterday morning.
