Mortgage bonds are up again this morning on the expectation that the FOMC announcement will include details of a second round of quantitative easing (QE2). The consensus is that the amount of the easing will be about $500+ billion in Treasury purchases.
In other economic news, the ADP employment change report came in higher than expected, showing an increase by 43,000.
The non-manufacturing ISM report is expected to be relatively flat month over month at 53.5.
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