No economic data this morning so the markets are focused on what else, events in Libya and the Middle East. After spiking above $107/bbl Monday morning in New York trading oil has fallen to $105/bbl which apparently is enough good news to rally the U.S. stock markets. The DOW is higher by 150 points at the time of the writing while bond prices are lower. The yield on the 10 year note has pushed up to 3.54%, as the markets wait for the Treasury auction of $32 billion in 3 year notes.
Mortgage prices are worse by .125% to .25% from the close on Monday.
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