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Treasury Auction, Employment And Mortgages
Two nights ago bonds were staging a significant overnight rally on news reports that Iran was firing missiles and US military bases. Before the overnight rally the 10 year yield was around 1.82% and it plummeted to below 1.70% before moving higher by morning. With news that there were no US casualties bonds completely reversed course and pushed mortgage rates higher on Wednesday.
Heading into today there was some concern that the sell off was going to continue however bonds started to rally after a 30 year Treasury action that had strong demand (a good thing for bond markets and consumer mortgage rates).
Employment Report:
Every month we have the BLS Employment Report and every month it seems like it's one of the most important reports in recent memory. However that's not the case for January as there doesn't seem to be the same sort of anticipation on what the report will show. Despite the lackluster interest it's still an important report for Mortgage Backed Securities and mortgages rates.
Expectations For the Report:
164,000 non-farm jobs created 3.5% unemployment rate Average hours of 34.4 hours per week Wage increase of 0.3% Last months report was a blockbuster in terms on the number of jobs created (266,000). A blockbuster in ... more

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