With no economic data on the calendar today the markets continue to focus on the European bailout of Ireland and possibly Portugal and Spain. With an agreement reached with Ireland over the weekend the markets continue to be skeptical that the EU and Euro are out of the woods.
The reminder of this week is data heavy with housing data, the ISM manufacturing data, the Fed’s Beige Book and of course on the Friday the all important non-farm payroll data. Current estimates are for the unemployment rate to remain at 9.60% and payrolls to show zero growth.
Today we see the equity markets in sell mode and U.S. Treasuries with a small flight to quality bid; both based on the financial struggles in Europe. Mortgage pricing is improved from Friday by .375% to .50%!
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