Today’s economic data support the idea of a slowly recovering economy. Initial jobless claims fell back from the previous week’s elevated 441,000 to 404,000, Leading Indicators rose 1.00% after a 1.1% gain in November and Philadelphia Fed’s manufacturing index held steady.
The jobless claims report created some selling pressure on Treasuries and the 10-year note traded from 3.35% before the announcement to 3.40% shortly afterwards. The 10 year note is currently trading at 3.41%. Mortgages have given back all of Wednesday’s gains with pricing .255 to .375% worse from the mid-day improvement.
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