No economic data on the calendar today, however, Tuesday and Wednesday will deluge the markets with information, i.e., GDP, existing home sales, new home sales, and consumer confidence to name a few of the reports that could have the most effect on the markets.
In addition to the economic data, the U.S. Treasury is auctioning $99 billion of 2y, 5yr and 7yr notes, beginning with today’s auction of $35 billion in 2 yr notes.
If all of the above were not enough, there is the ECB bailout of Ireland and possibly Portugal to add to the mix. Finally, the Fed will purchase $7 to $9 billion in Treasuries today with maturities from 2018 to 2020, as part of the QE2 program.
For the mortgage pricing, mortgage bonds are improving along with Treasuries this morning, pushing interest lower across the board. Pricing is .20% to .30% better than Friday.
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