Monday had the beginnings of a horrible day for stocks as the European debt crisis seemed to reach a critical stage. A late day story that China was considering buying Italian debt gave stocks some legs and they ended the day higher. This morning we have continued rumors from Europe, however, U.S. markets seem unaffected with stock flat and treasuries giving back some of their flight to safety gains.
In front of this afternoon’s U.S. Treasury auction of 10 year notes the yield on the 10 year note has risen to 1.98% after briefly touching a low of 1.88% early Monday morning. Mortgage pricing is worse by approximately .25%.
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