A full calendar on the economic front today begins with the Producer Price Index. The PPI came in slightly higher than expected, rising 0.3% month over month in November, and was driven mostly by higher food costs. The core PPI (excluding food and energy) rose only 0.1%.
The New York Fed manufacturing index rose much more than expected from 0.61 to 9.53 with the underlying employment and new orders indices both rose from negative to positive range.
Finally, initial jobless claims for the week ending December 10 dropped dramatically from 385,000 to 366,000, the lowest reading since 2008.
Bond prices have been on fire this week on more concern about Europe. The 10 year Treasury yield dropped to 1.86% overnight, however, after the morning’s positive economic releases, has risen back up to 1.94%. Mortgages are flat to a few basis points worse in price from Wednesday.
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