It’s earnings time, and mortgage income is helping the big banks out like Wells, Chase, Morgan Stanley and even Bank of America. GE released earnings yesterday that beat estimates.
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December retail sales came in a bit stronger than expected, which may have put some downward pressure on MBS prices yesterday.
The market isn’t moving much this morning, however on Friday, we saw a bit of a rally following the release of the jobs report, which showed an unemployment rate higher than expected.
The morning bonds are moving higher following the jobless claims report, which showed that more folks filed claims for unemployment benefits last week than forecasted.
Bond markets are up again for the third straight day as market participants speculate that U.S. lawmakers will be unable to reach an agreement to avoid the budget stalemate of more than $600 million in tax increases and spending cuts.
Bloomberg-surveyed economists are expecting that prices rose 4% over the last year in the 20 cities included in the report.
Quiet market this morning as the item making the most news is declaration from Bill Gross that the fiscal cliff has more than a 50% chance of occurrence.
Treasuries and Bonds are opening up in the green this morning, with MBS prices set to be a little bit better when we set pricing this morning, as compared to yesterday.
Treasuries and MBS prices sold off yesterday as continued progress in fiscal cliff avoidance talks led to optimism among investors.
President Obama and House Speaker John Boehner met yesterday to continue discussions on avoidance of the fiscal cliff, however there was no public announcement of progress.