Disappointing employment data this morning as Initial Jobless Claims surged 25,000 to 429,000, completely unexpected. It was disappointing to see the recent pop to 404,000, and expectations were for a small dip to 395,000.
In addition to the jobless claims, 1st Quarter GDP rose 1.8%, slightly lower than the 2.0% consensus and down from 4th quarter GDP of 3.1%. Higher energy prices, higher food prices, and the harsh winter weather were the main culprits for the decline in output.
Bond prices jumped on the news pushing interest rates lower. As the day wears on, however, the bond market is slipping causing mortgages to give back half of the days gains.
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