Industry News
Mortgage Industry News
Stock Futures Are Up
12/04/2009
Nonfarm payrolls printed much better than expectations, -11K vs. -125K concensus; the unemployment rate dropped to 10.0% from 10.2%. Bonds and commodities are down; stock futures and the dollar are up. Bank of America raised $19.3B, the largest stock sale since 2000, by issuing common stock at $15/share. Right now, the futures market is pricing in an 82% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010. Currently, the Ten Year yield is at 3.47% (3.37% yesterday) and the 2-10 yield spread is at 263bps, steepening 2bps since yesterday morning.
