Market Commentary

By
Mortgage and Lending with Core Financial Soultions, Inc

U.S. Treasuries were little changed after a private report showed companies in the U.S. added fewer jobs than forecast last month. Ten-year yields earlier dropped to near the lowest in two weeks on speculation the slump in housing is spreading to the wider economy. The spread, or difference in yields, between two- and 10-year notes has widened more than 40 basis points in the past three months as investors bought shorter-dated notes on speculation the Federal Reserve will keep cutting interest rates. The yield on the two-year note fell 2 basis points, or 0.02 percentage point, to 3.95 percent at 8:20 a.m. in New York, according to bond broker Cantor Fitzgerald LP. The price of the 4 percent security due September 2009 gained 1/32, or 31 cents per $1,000 face amount, to 100 3/32. The yield on the benchmark 10- year Treasury was unchanged at 4.52 percent. The spread between two- and 10-year yields widened 1 basis point to 57 basis points. The spread has widened from 40 basis points on Sept. 17, the day before the Fed cut its main lending rate a half-percentage point to avert a recession. The difference in yields was 16 basis points three months ago on July 3. Two-year notes are among the securities most sensitive to interest-rate expectations because of their short maturities. The 58,000 increase in jobs followed a revised gain of 27,000 for the prior month, ADP Employer Services said. The median forecast in a Bloomberg News survey was for a gain of 60,000. The market is .125 to .25 better in discount this morning.

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