Initial jobless claims surprised to the high side again this morning. They were expected to be 465k for the previous week following last week’s surprisingly high 479k. In fact, last week’s numbers were revised higher to 482k and this week saw 484k new initial jobless claims.
The markets digested the Fed’s new assessment of the economy by selling stocks and moving into less risky assets, a.k.a., U.S. Treasuries. This morning stock and bond markets are taking a breather with both relatively flat from Wednesday afternoon’s close. Mortgage bonds are approximately .25% worse in price.
The remaining event for the day is the Treasury auction of $16 billion of 30 year bonds.
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