Market Outlook
Thursday, January 22, 2009
Price Trend: Negative
Price Volatility: High
Recommendation: Cautiously Floating
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Current Conditions: Today's Economic Data (all times PDT)
FNMA 4.5 101-03 (-3) Jobless Claims 5:30
GNMA 4.5 101-07 (-3) Housing Starts 5:30
10yr Yield 2.578% Initial Claims 5:30
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Commentary:
All of the economic data due out for the week was released today and none of it was good. More people lost their jobs than expected and fewer homes are under construction than estimated. Housing starts were likely impacted by the recent cold weather affecting much of the country but were still horrendous.
Bonds actually had very little reaction to this news. Treasuries are still being impacted by the supply which will be coming in 2009 as the new administration pushes forward with their economic stimulus plan. Mortgages are still holding fairly steady (at least compared to treasuries).
This Week's Calendar:
Date |
ET |
Release |
For |
Actual |
Briefing.com |
Consensus |
Prior |
Jan 22 |
08:30 a.m. |
Dec |
549K |
610K |
615K |
616K |
|
Jan 22 |
08:30 a.m. |
Dec |
550K |
605K |
610K |
625K |
|
Jan 22 |
08:30 a.m. |
01/17 |
589K |
540K |
548K |
524K |
|
Jan 22 |
11:00 a.m. |
Crude Inventories |
1/16 |
|
NA |
NA |
1.14M |
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