There are no official economic releases today. Japan, Libya and oil prices remain in the headlines and are the drivers of both stock and bond markets. The 10-year Treasury, after retracing some of the recent improvement from earlier in the week, has settled back at 3.25% for the time being. This is 25 bps in yield below where it closed two weeks ago.
And just when you thought we may get a break at the pump (meaning gasoline prices) the U.N. Security Council approved a resolution authorizing military action, to enforce a no-fly zone over Libya. Oil prices have spiked above $103/bbl this morning in New York trading.
The Senate passed the three-week continuing resolution to fund the government when the current resolution expires today. The bill will now go to the White House for the President’s signature. The resolution funds the government through April 8 and makes another $6 billion in cuts.
Mortgage prices are flat from Thursday’s close.
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