Mortgage bonds broke through and closed above their 30-day moving average yesterday, which is a great sign. The 30-day moving average is now likely to operate as a technical level of support. The non-farm payrolls report came out this morning much worse than market expectations. Only 38,000 jobs were created last month vs. market expectations of 164,000. Even when you factor out the Verizon strike (35,100 jobs), the report is astonishingly weak. This is the weakest jobs report in over five years. This is likely to cause mortgage bond prices to rally today. A weak … (0 comments)
mortgage daily update: Mortgage Daily Update
- 09/27/13 08:08 AM
The possibility of a government shutdown are leading Stocks lower today and giving a boost to the Bond markets as investors rush into the safe haven trade. In the latest week there has been an influx of $4.5 billion into global Bond funds, backing up the flight-to-safety assertion. In today's economic news, Personal Incomes rose by 0.4% in August versus the 0.3% expected and the most since February. The uptick in incomes pushed Personal Spending up 0.3%. The increase in incomes helped to boost Americans savings rate to 4.6% compared with 4.5% in July, though historically low. Americans are feeling less … (5 comments)
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What's going on and why does it matter?
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