Thursday’s bond market has opened in negative territory after this morning’s economic data gave us much stronger than expected results. The stock markets are reacting favorably to the same news with the Dow up 63 points and the Nasdaq up 14 points. The bond market is currently down 14/32, which will likely increase this morning’s mortgage rates by approximately .250 of a discount point.
Yesterday’s afternoon release of the Fed Beige Book didn’t yield many surprises. It showed that the employment situation remained nearly unchanged during the period ending January 4th and that concerns about the fiscal cliff did negatively impact economic activity. It generally hinted at modest economic growth in most Fed regions.
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