Initial jobless claims fell this last week for the fourth straight week, indicating the US labor market is beginning to thaw. However, as we saw from last Friday’s employment data more folks are now deciding to re-enter the work force, which is what drove the unemployment rate higher.
In Europe, the new austerity measures, another way of saying “living within your means”, are raising concerns economic growth will falter. The sentiment regarding how stable the Euro zone is seems to change daily, and today, the feeling is negative. This is actually good news for us as we see US treasury bonds trading at higher prices, pulling mortgage bonds along for the ride. Pricing today is .125% to .25% better than Wednesday.
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