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Market UpDate
On Friday the May employment report disappointed with only a 54k gain vs an expected 165k gain in nonfarm payrolls and an increase of the unemployment rate to 9.1% vs an expected 8.9%.  Last week was filled with weak economic data and stocks finished the week down more than 2.0% and Treasuries and mortgages rallied.  The employment number propelled Treasuries higher Friday with the 2-year Treasury finishing up 1.75/32nds (0.433) and the 10-year Treasury finishing up 9.5/32nds (2.997).  Mortgages followed Treasuries higher and outperformed swaps (libor curve) by 1 to 2/32nds.  The FNCL (30-year) 4.0s in June finished up 5+/32nds (101-1) and the FNCI 3.5s in June finished up 6+/32nds (102-14).  Gold/Fannie swaps were mostly unchanged on the day.  There was news that Greece is likely to get another piece of the bailout package in July to avoid default.
Today there are no scheduled economic releases and the economic news for this week is very light.  A number of Fed Presidents will speak including Chairman Bernanke speaking on Tuesday.  The market be watching for further details on the Greek debt bailout as well as the U.S. debt limit situation after Moody's last week issued a more specific warning to Washington politicans about delays in raising the ... more

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