30-year bonds rose amid speculation rates near 3% and falling inflation expectations will attract investors for the 30-year auction this afternoon.
The market didn’t move one way or another yesterday and much of the same is expected today. There is no major economic news scheduled for today.
There appears to be a slow migration toward stocks lately. This could be driven by strong employment numbers, causing speculators to favor the volatility and potential gains of the stock market.
Friday closed with a major sell-off caused by better than expected employment numbers. So what does that mean for the week ahead?
The Fed had no surprises for us yesterday stating again that bond buying would continue despite rumors they would curtail purchases earlier in the day. Yesterday’s statement was almost identical to the previous statement, which failed to move the market in any dramatic way.
Today will probably be the last calm day for the bond market. The Chicago PMI Index has the potential to move the market if the numbers significantly under perform.
Mortgage rates officially hit new lows late last week – by a small margin. A Friday morning rally was caused by a weaker than expected GDP.
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