Facebook’s IPO will reportedly raise $16 billion, making it the third largest IPO in U.S. history. As a result of Facebook going public, a slew of new billionaires and millionaires were created over night.
The FOMC meeting minutes from yesterday revealed that Ben Bernanke and the Fed are ready to take action via stimulus if economic conditions worsen in the near future.
The Consumer Price Index and Advanced Retail Sales reports came in lower than expected this morning. Also, Germany’s GDP growth data came in with better than expected progress.
The 10-year treasury yield has dropped for the eighth straight week, marking the longest decline since 1998. Whereas the average 10-year yield over the last twenty years is 4.93 percent, today the 10-year yield is 1.78 percent.
Mortgage-backed securities are down today as financial troubles in Greece continue to worry investors. Also, the Dow Jones Industrial Average has continued to fall as European debt concerns influence investors.
European debt concerns are back in the headlines as uncertainty surrounding Greek elections has pushed the 10-year treasury yield under 1.8 percent for the first time in three months.
Treasuries are up this morning as elections in France and Greece are raising fears that these countries will abandon their deficit-cutting measures.
Mortgage-backed securities are up this morning as the jobs report revealed that unemployment numbers came in lower than expected. Also, data revealing the change in non-farm payrolls and private payrolls came in lower than expected.
Mortgage-backed securities are down today along with initial and continuing jobless claims. Also, the European unemployment rate rose a staggering 10.9 percent in March.
The 10-year treasury yield is at 1.92 percent today, relatively flat from yesterday. Yields will likely remain low while worries over momentum in the U.S. continue, and investors keep an eye on the European debt crisis.