Initial jobless claims unexpectedly ticked higher this morning coming in at 465k for the previous week. Continuing claims were also slightly above estimates and the previous week’s releases of both measures were revised higher, indicating job growth remains anemic.
Two pieces of positive economic data came later in the morning with existing home sales in August rising 7.60% and Leading Economic Indicators posting an increase of 0.3%.
Bond prices rallied early on the report of increasing jobless claims, but have since pulled back with mortgage prices slightly worse than the close on Wednesday.
The Fed will be buying Treasuries in the 5 year range today as they continue to reinvest the cash flows from their MBS portfolio.
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