This week’s economic calendar is light with the stock and bond markets again focusing on headlines from Japan and the U.N. military action in Libya.
Perceived progress in resolving Japan’s nuclear crisis has lifted U.S. stock markets this morning with the DOW higher by nearly 200 points. This is spite of more bad news from the housing sector as the National Assn. of Realtors reported existing home sales fell 9.6% with the median price falling to a 9 year low.
In addition to the housing news the U.S. Treasury announced it will be selling its $136 billion of mortgage backed securities over the span of the next year. This news coupled with the rally in stocks has treasury and mortgage bond prices lower on the day, with mortgage prices approximately .50% worse from the close on Friday. The yield on the 10 year note has drifted back to 3.35%.
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