Industry News
Mortgage Industry News
This Week’s Market News
07/01/2011
It’s been a rough and volatile ride for Treasuries this week as the 10yr yield now sits almost 30bps higher than the intraday low of 2.86 reached on Monday. The flight to quality bid lost momentum through the course of the week as investors breathed a sigh of relief that Greek situation remains contained, at least for the time being. The end of the Fed’s QEII program played a minor role in the movement, as well. Treasury prices seem to be finding some support at these levels as investors can now shift their focus back to economic reports. Today’s economic calendar brings the Univ of Mich consumer confidence index, which is expected to edge slightly higher to 72.0 from the prior reading of 71.8. Also on the docket, today’s June ISM Manufacturing and May construction reports are pessimistically expected to post lower readings than previous releases. Currently, the Ten Year yield is at 3.147% and the 2-10 yield spread is at 269bps, widening 4bps since yesterday morning.
