This is a shortened, quiet week in terms of U.S. economic data with the bond market closed on Friday in honor of Veteran’s Day. Last Friday Greek Prime Minister Papandreou survived the confidence vote, so in theory his government will now approve the bail-out package offered by the EU.
The focus now has turned to Italy with rumors that its Prime Minister may resign after a vote on an austerity package. With no U.S. economic data the markets remain focused on the European financial crisis. The major U.S. stock indices are trading lower this morning while treasury yields are falling/improving. Mortgage prices are unchanged to slightly better than Friday.
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