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Industry News

Mortgage Industry News

VITEK Mortgage Group is dedicated to providing you the resources needed to be better educated.

We understand that if you are in the market for a home loan, you may wish to be more informed on what is going on in our industry. Below you will find all of the latest news on what is happening in the world of real estate and mortgages.


Treasury Prices Edge Lower

12/15/2017

Treasury prices edged lower overnight despite growing concern that the Republican tax reform bill will have enough support in the Senate. Overseas data was uneventful and the US economic calendar ends a very busy week of activity with a couple reports on manufacturing.

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Weekly Jobless Claims Better Than Expected

12/14/2017

Treasury prices are modestly lower this morning as momentum from yesterday afternoon’s rally dwindled overnight. Overseas data was heavy and included better than expected inflation data from Europe.

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November Consumer Price Index Provides Mixed Results

12/13/2017

Treasury prices were modestly lower overnight after a fairly busy overnight session included better than expected data from overseas and news of Doug Jones apparent victory in Alabama.

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November Producer Price Index Exceeds Expectations

12/12/2017

Treasury prices are mostly unchanged this morning after an uneventful overnight session provided little direction. Today’s US economic calendar begins to heat up with inflation data as well as Alabama’s special election to fill AG Jeff Session’s vacant Senate seat.

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Treasury Prices Edge Higher

12/11/2017

Treasury prices edged higher over the weekend as softer than expected inflation data from China highlighted a mixed bag of releases. Today’s US economic calendar provides a fairly quiet start to a very busy week of events.

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Treasury Prices Moved Modestly Lower

12/08/2017

Treasury prices moved modestly lower overnight as a slew of mixed data from overseas and a two week deal to extend US Federal funding still left markets sidelined ahead of today’s payroll report.

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Weekly Jobless Claims Below Forecasts

12/07/2017

Treasury prices drifted slightly lower overnight after a fairly quiet session. Overseas activity included Eurozone Q3 GDP data that was in-line with expectations and British PM May continued to struggle to establish consensus on a Brexit agreement.

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Weekly MBA Mortgage Applications Improve

12/06/2017

Treasury prices moved higher overnight as uneventful data from overseas took a backseat to tax reform, profit taking in equity markets and anxiety around President Trump’s intentions to move the US embassy from Tel Aviv to Jerusalem.

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International Trade Deficit Widens

12/05/2017

Treasury prices edged modestly lower overnight as better than expected PMI data from China was offset by disappointing retail sales data from Europe. Meanwhile, investors digested overnight headlines about potential consequences in the current form of Senate tax bill that may impact tax breaks for tech companies.

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Monday Market News

12/04/2017

Treasury prices were under pressure over the weekend as optimism for tax reform helped fuel equity markets. Overseas data was uneventful and the US calendar gets off to a fairly slow start to a slow week of data with only the October Factory Orders Report due out at 10AM ET.

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Treasury Prices Move Higher

12/01/2017

Treasury prices moved higher overnight as a potential delay in the Senate vote on tax reform triggered a flight to quality bid. Overseas data was heavy, including a mix of inflation data, and today’s US economic calendar ends the week with a healthy dose of data and Fedspeak.

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Weekly Jobless Claims Drop Slightly

11/30/2017

Treasury prices edged slightly lower overnight as a slew of data from overseas, including disappointing inflation data from the EU, helped stabilize Treasuries on the heels of yesterday’s selloff.

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Weekly MBA Mortgage Applications Dip

11/29/2017

Treasury prices are under pressure this morning as better than expected data from Europe and optimism around tax reform had Treasuries on the defensive. Today’s US economic calendar remains active with data on GDP and housing, as well Fed Chair Janet Yellen’s testimony before Congress.

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US Trade Deficit Widens

11/28/2017

Treasury prices were mostly unchanged overnight as limited data from overseas was overshadowed by this week’s numerous political headlines. Jerome Powell’s confirmation hearing is scheduled at 9:45AM ET and an early look at the text of his speech revealed little changes with the current path set by Chair Janet Yellen.

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Monday Market News

11/27/2017

Treasury prices are mostly unchanged this morning as investors emerge from the long holiday weekend. Overseas data was uneventful and the US economic calendar gets off to a slow start with only the October New Home Sales Report due to be released at 10AM ET.

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Treasury Prices Move Higher

11/21/2017

Treasury prices edged higher overnight with the continued theme of the long end of the curve out performing. Overseas data was light but today’s US economic calendar includes two notable events.

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Treasury Prices Edge Higher

11/20/2017

Treasury prices edged higher overnight as political uncertainly increased after Merkel’s coalition bid failed over the weekend. Overseas data was uneventful and the US economic calendar also starts the holiday condensed trading week on a light note with no released scheduled.

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Treasury Prices Move Higher

11/17/2017

Treasury prices edged higher overnight with the long end of the curve continuing to lead the way. Overseas data was light and the US economic calendar is limited to a lone data point on Housing Starts and a bit of Fedspeak.

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Weekly Jobless Claims Increase Unexpectedly

11/16/2017

Treasury prices are lower this morning as global equity markets finally found some support overnight and rebounded. Investors will have their hands full today as healthy dose of data is combined with the House vote on tax reform.

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Weekly Refinance Applications Surge

11/15/2017

Treasury prices moved higher overnight as the flight to quality bid continued to squeeze global equity prices lower. Overseas data was mixed and the US economic calendar has already delivered some notable releases.

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Treasury Prices Increase Higher

11/14/2017

Treasury prices are modestly higher this morning as disappointing retail sales data from China was partially offset by better than expected data from Germany. Investors also took notice of two Fed appearances overnight with inflation data taking center stage.

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Monday Market News

11/13/2017

Treasury prices moved modestly higher overnight as softer than expected data from Asia helped Treasuries to regain some of Friday’s selloff. Today’s US economic calendar provides a quiet start to a fairly busy week of events.

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Treasury Prices Move Lower

11/10/2017

Treasury prices continued to move lower overnight as yesterday’s downward momentum carried into the late session. Overseas data was mixed but investors focused on the details of the Senate Tax reform bill and news that China will remove limits on foreign ownership of banks.

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Jobless Report Weaker Than Expected

11/09/2017

Treasury prices edge lower overnight as better than expected inflation data from Asia applied early pressure. Today’s US economic calendar is limited to the already released Weekly Jobless Claims Report.

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Weekly MBA Mortgage Applications Mostly Unchanged

11/08/2017

Treasury prices edged slightly higher overnight after a fairly quiet session left prices range bound. Overseas data was limited to disappointing trade data from China and investors digested yesterday’s election results.

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Treasury Prices Drift Lower

11/07/2017

Treasury prices drifted slightly lower overnight as a handful of mixed reports from Europe provided little direction. Today’s US economic calendar remains scant on data with only the JOLTS report due out at 10AM ET.

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Treasury Prices Edge Higher

11/06/2017

Treasury prices edged higher over the weekend as Friday’s employment report and an anti-corruption shakeup in Saudi Arabia overshadowed better than expected data from Europe.

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Nonfarm Payrolls Below Forecasts

11/03/2017

Treasury prices edged higher overnight as investors digested the talking points of the GOP tax as they awaited this morning’s Employment Report. The results were mixed as the headline increase in Nonfarm Payrolls of 261k was below forecasts of 325k. Meanwhile, a larger than expected dip in the Labor Participation Rate to 62.7% vs 63.0% est resulted in an unexpected dip in the Unemployment Rate to 4.1%.

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Weekly Jobless Report Better Than Expected

11/02/2017

Treasury prices edged slightly higher overnight as mixed economic data from overseas was overshadowed by evening reports that Jerome Powell will be President Trump’s nomination for the next Fed Chair.

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MBA Weekly Mortgage Applications Dip

11/01/2017

Treasury prices edged slightly lower overnight ahead of a very busy day of activity. Overseas data was uneventful but the US economic calendar ramps up with data on employment, manufacturing, housing and ends at 2PM ET with the release of the FOMC Meeting Announcement.

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Treasury Prices Remain Unchanged

10/31/2017

Treasury prices were mostly unchanged overnight as a slew of overseas data, which was highlighted by weak inflation results from Asia and Europe, failed to create a bid.

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Personal Income Report As Expected

10/30/2017

Treasury prices edged higher overnight ahead of a busy week of activity. Overseas data was mixed and the US economic calendar has produced a lone report on Personal Income and Outlays.

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3rd Quarter GDP Better Than Expected

10/27/2017

Treasury prices edged higher overnight as uneventful overseas data took a backseat to continued speculation swirling around the next Fed Chair. Today’s US economic calendar is limited to two noteworthy items.

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Weekly Jobless Claims As Expected

10/26/2017

Treasury prices edged higher overnight as investors awaited this morning’s ECB rate decision and press conference. As expected, the ECB left rates unchanged and announced that it will begin to reduce bond purchases next year.

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MBA Mortgage Applications Dip

10/25/2017

Treasury prices continued to move lower overnight as better than expected data from Europe added to the downward pressure created by Fed Chair rumors that Taylor is leading. The US economic calendar picks up the pace today with data on manufacturing and housing.

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Treasury Prices Drop

10/24/2017

Treasury prices are lower this morning as yesterday afternoon’s modest rally unwound overnight amidst stronger than expected PMI data from Europe. Today’s US economic calendar is limited to the PMI Composite Flash at 9:45AM followed by the Richmond Fed Manufacturing Index at 10AM.

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Monday Market News

10/23/2017

Treasury prices are mostly unchanged this morning as investor concerns over escalating tensions between Spain and Catalonia were offset by optimism over Japanese election results that favored PM Abe’s ruling party.

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Friday Market News

10/20/2017

Treasury prices were under pressure overnight as optimism for tax reform improved on reports that the Senate successfully passed a budget resolution. Today’s US economic calendar is limited to the September Existing Home Sales Report at 10AM ET, plus some Fedspeak that includes an evening appearance by Fed Chair Janet Yellen at 7:30PM.

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Weekly Jobless Claims Dip

10/19/2017

Treasury prices moved higher overnight as Spain unexpectedly suspended powers in Catalonia to stem the move towards independence. This created a flight to quality bid that overshadowed better than expected data from China.

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Weekly MBA Mortgage Applications Increase

10/18/2017

Treasury prices were under modest pressure overnight as limited data from overseas was overshadowed by hawkish comments that indicated that the Fed is still on track for another rate increase this year. The US economic calendar includes a smattering of information on US housing and the Fed’s Beige Book.

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Treasury Prices Edge Lower

10/17/2017

Treasury prices edged lower overnight as the downward momentum created by rumors of John Taylor becoming the frontrunner for the Fed Chair carried into the overnight session. Overseas data was mixed as higher inflation results were offset by disappointing Zew Survey results.

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Empire State Manufacturing Strong Than Expected

10/16/2017

Treasury prices moved modestly lower overnight as yesterday’s comments from Fed Chair Janet Yellen were mostly viewed as hawkish as she reiterated that the recent weak inflation data is not expected to persist.

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Retail Sales Below Expectations

10/13/2017

Treasury prices were mostly unchanged overnight as uneventful data from overseas left investors sidelined ahead of today’s US calendar. The data has been mixed thus far but most notably the trend of “mysteriously “soft inflation data continues.

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Weekly Jobless Claims Improve

10/12/2017

Treasury prices moved modestly higher overnight as upward momentum from yesterday’s mostly dovish interpretation of the FOMC Meeting Minutes carried into the overnight session.

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Weekly MBA Mortgage Applications Dip Slightly

10/11/2017

Treasury prices edged higher overnight after a fairly quiet session with limited data from overseas. Today’s US economic calendar includes a couple of data points ahead of this afternoon’s release of the FOMC Meeting Minutes.

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Market News

10/10/2017

Treasury prices are mostly unchanged this morning after the long holiday weekend for the US and the Golden Week absence for much of Asia. Overseas data was mixed and investors are keeping an eye on developments with Catalonia’s attempts for independence.

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Unemployment Rate Dips

10/06/2017

Treasury prices moved modestly lower overnight as mixed data from overseas was overshadowed by this morning’s Employment Report. The headline results were well below expectations as payrolls actually declined -33k vs +90k forecasts, but the impact of recent hurricanes was expected and clearly evident in the results.

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Weekly Jobless Claims Report Better Than Expected

10/05/2017

Treasury prices were mostly unchanged overnight as weaker than expected data from Australia helped balance out downward supply pressure from Europe. The US economic calendar continues to plod along towards tomorrow’s Employment Report with a couple of reports on employment and international trade.

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Employment Report Softer Than Expected

10/04/2017

Treasury prices moved modestly higher overnight as a mix data from overseas was overshadowed by speculation around candidates for the next Fed Chair. The US economic calendar is very active today with a healthy mix of data and Fedspeak.

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Tuesday Market News

10/03/2017

Treasury prices were under modest pressure overnight after a quiet session with China’s markets closed for Golden Week and limited data from Europe. The US economic calendar takes breather today with very little on the schedule ahead of tomorrow’s uptick in data and appearance by Fed Chair Janet Yellen.

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Treasury Prices Unchanged

10/02/2017

Treasury Prices were mostly unchanged overnight as better than expected data from Asia was offset by Catalonia’s vote for Independence and reports of the mass shooting in Las Vegas.

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Consumer Spending In Line With Expectations

09/29/2017

Treasury prices were mostly unchanged overnight after a slew of mixed data from overseas. Today’s US economic calendar is quite active as well with data on consumption, inflation and consumer confidence.

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Weekly Jobless Claims As expected

09/28/2017

Treasury prices moved lower once again overnight as optimism over tax reform continues to apply pressure. Overseas data was mixed and the US economic calendar has been active thus far to start the day.

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Weekly MBA Mortgage Applications Dip Slightly

09/27/2017

Treasury prices are sharply lower this morning as overseas data was overshadowed by market reactions to the Republican tax cut plan. Investors appear to be increasing their expectations that a tax system overhaul may be successful.

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Treasury Prices Mostly Unchanged

09/26/2017

Treasury prices were mostly unchanged overnight after another uneventful overseas session left investors to await US activity. Today’s US economic calendar contains a healthy mix of data and Fedspeak.

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Monday Market News

09/25/2017

Treasury prices moved modestly higher overnight as better the expected PMI data from Europe was overshadowed by North Korea’s reaction to the latest round of sanctions with indications it may test an H-bomb in the Pacific.

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Treasury Prices Move Higher

09/22/2017

Treasury prices moved modestly higher overnight as better the expected PMI data from Europe was overshadowed by North Korea’s reaction to the latest round of sanctions with indications it may test an H-bomb in the Pacific.

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Unemployment Claims Dip

09/21/2017

Treasury prices are slightly higher this morning as an uneventful overnight session gave investors time to mull over the Fed’s tapering announcement. Today’s US economic calendar includes a couple of noteworthy items.

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Weekly MBA Mortgage Applications Dip

09/20/2017

Treasury prices edged higher overnight as trading remained range bound ahead of this today’s FOMC Meeting Announcement. Economists are not expecting a rate change however it’s widely anticipated that the Fed will discuss tapering of its balance sheet. In the interim, today’s calendar includes a couple of data points on US housing.

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August Import Prices Stronger Than Expected

09/19/2017

Treasury prices edged higher overnight after a quiet overnight session with limited data had Treasuries trading in a tight range. Today’s US economic calendar begins to heat up today ahead of tomorrow’s FOMC Meeting Announcement.

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Monday Market News

09/18/2017

Treasury prices are modestly lower this morning after a fairly quiet weekend of activity. Overseas data was benign and the US economic calendar starts a busy week of events with a lone report on housing prices.

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Retail Sales Unexpectedly Dip

09/15/2017

Treasury prices remain stubbornly unchanged this morning as another missile test by North Korea and disappointing US Retail Sales data were both unable to spark a bid for Treasuries. Overseas data was uneventful but the latest test by North Korea indicates that Guam is now within range of their launch capabilities.

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CPI Increases More Than Expected

09/14/2017

Treasury prices were mostly unchanged overnight as both disappointing data from China and provocative words from N Korea failed to muster an overnight bid. Today’s US economic calendar includes the most significant data point of the week in the form of August CPI.

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Weekly MBA Mortgage Applications Surge

09/13/2017

Treasury prices were mostly unchanged overnight as limited overseas data and a pause in geopolitical events helped give markets a breather. The US economic calendar begins to pick up the pace today after its sleepy start to the week.

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Treasury Prices Move Lower

09/12/2017

Treasury prices moved modestly lower overnight as last week’s flight to quality bid continued to unwind. Overseas data was stronger than expected, which added additional pressure but the selloff may be losing momentum as investors look to settle into a range ahead of the CPI data later this week.

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Treasury Prices Dip

09/11/2017

Treasury prices are lower this morning as the flight to quality bid driven by investor anxiety over a potential N Korean missile test and widespread destruction from Hurricane Irma has partially reversed course. While Irma did make landfall, the damage estimates appear to be well below worst case scenarios for most areas.

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Treasury Prices Move Higher

09/08/2017

Treasury prices moved higher overnight as the flight to quality bid carried into the overnight session after a late appearance by Fed Vice Chair Dudley was interpreted as dovish.

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Jobless Claims Increase

09/07/2017

Treasury prices edged slightly higher overnight as uninspiring data continues to leave markets focused on geopolitical activity. Specifically, investors are keeping tabs on Republican’s response to President Trump’s attempts to work with Democrats to extend the debt ceiling.

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Low Rates Boost Refinances

09/06/2017

Treasury prices edged slightly lower overnight but left most of yesterday’s gains intact as the flight to quality bid was sustained overnight. With Irma now likely to make landfall in Florida this weekend, investors will have now have two situations to monitor as another missile test could coincide with Founding Day in North Korea this weekend.

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Treasury Prices Move Higher

09/05/2017

Treasury prices moved higher over the long holiday weekend as uneventful data from overseas took a backseat to reports of North Korea’s sixth nuclear test on Sunday. The US economic calendar opens the week with a lone report on July Factory Orders at 10AM ET.

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Payroll Growth Below Expectations

09/01/2017

Treasury prices were mostly unchanged overnight as investors shrugged off better than expected PMI data from overseas in anticipation of today’s Employment Report. The results were on the softer side of expectations as headline Payroll growth of 156k was below expectations of 180k and the prior month’s levels were also revised lower.

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Weekly Jobless Claims Below Consensus

08/31/2017

A large batch of economic data contained few surprises and caused little reaction this morning. The July Core PCE price index rose 0.1% from June, matching the consensus. It was 1.4% higher than a year ago, down from an annual rate of 1.5% last month.

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MBA Weekly Mortgage Applications Dip

08/30/2017

Treasury prices edged lower overnight as the North Korea flight to quality bid continued to lose momentum. Overseas data was uneventful but today’s US economic calendar begins to ramp up in advance of Friday’s Payroll Report.

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Treasury Prices Surge Higher

08/29/2017

Treasury prices surged higher overnight as North Korea’s latest missile launch reinvigorated investor anxiety as the test reportedly encroached on Japanese air space.

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Monday Market News

08/28/2017

Treasury prices were mostly unchanged overnight as scant activity from overseas was overshadowed by headlines of Harvey’s impact on Texas. This week’s busy US economic calendar gets off to a fairly tranquil start with the International Trade In Goods Report and the Dallas Fed Manufacturing Survey on the docket this morning.

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Durable Goods Orders Mixed

08/25/2017

Treasury prices were mostly unchanged overnight as markets awaited a few notable events to end a fairly quiet week of economic activity. Investors will be keying on a pair of speeches at the Jackson Hole Symposium by Fed Chair Janet Yellen at 10AM ET and ECB President Mario Draghi at 3PM.

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Weekly Jobless Claims Improve

08/24/2017

Treasury prices opened Thursday weaker after a relatively quiet overnight session left yesterday’s wall induced/government shutdown rally mostly intact. Economic news today will be highlighted by Initial Jobless Claims and Existing Home Sales.

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MBA Weekly Mortgage Applications Dip Slightly

08/23/2017

Treasury prices moved higher overnight as better than expected PMI data from Europe was overshadowed by President Trump's threats to shut down the US government if border wall funding is not included in the spending bill.

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Market News

08/22/2017

Treasury markets open the morning session weaker from yesterday’s close. At 8:00am EST, UST 2s,10s and 30s are down -02 ticks, -04.25 ticks and -07 ticks respectively. Monday’s origination supply was in line with its 5 day moving average at ~2.3bln.

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Monday Market News

08/21/2017

Treasury prices were unchanged overnight and with no economic reporting to be released today, we are off to a quiet start to the week.

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Treasury Prices Remain Largely Unchanged

08/18/2017

Treasury prices are little changed this morning following yesterday’s flight-to-quality rally in the wake of terrorist activity in Barcelona and uncertainty in Washington.

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Initial Jobless Claims As Anticipated

08/17/2017

Treasuries are lower this morning as market participants continue to digest the implications of yesterday’s FOMC minutes. Analysts noted some difference of opinion regarding future inflation expectations which, by extension, raises questions regarding the planned rate hikes.

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Core CPI Comes In Below Forecasts

08/16/2017

Treasury prices are little changed this morning following a quiet trading session in Asian markets. Today’s headlines are focusing on domestic political concerns following President Trump’s press conference yesterday, although Fed minutes are scheduled to be released at 2 PM ET.

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Treasury Prices Dip

08/15/2017

Treasury prices are off this morning following a strong showing for Retail Sales in July, an upward revision for June Retail Sales and a softening of rhetoric out of North Korea.

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Monday Market News

08/14/2017

Treasury prices are off a bit this morning with no economic data to be released though geopolitical events are helping to fill the void for the markets.

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Treasury Prices Edge Higher

08/11/2017

Treasury prices edged higher overnight as continued posturing between the US and North Korea has investors on edge. Overseas data was uneventful but the US economic calendar includes the most significant release of the week as investors look for further data on inflation.

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Weekly Jobless Claims Increase

08/10/2017

Treasury prices edged higher overnight as the flight to quality bid was sustained by North Korea’s announced plans to fire missiles towards Guam. Overseas data was mixed and the US economic calendar includes its first significant data points of the week.

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Weekly MBA Mortgage Applications Improve

08/09/2017

Treasury prices moved higher overnight as limited data from overseas was overshadowed by an escalation in tensions between the US and North Korea. The US economic calendar begins to pick up momentum today after its quiet start to the week.

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Treasury Prices Dip

08/08/2017

Treasury prices edged slightly lower overnight despite disappointing trade data from both Asia and Europe. The US economic calendar continues its slow start to the week with only the JOLTS employment report due out at 10AM ET.

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Treasury Prices Edge Lower

08/07/2017

Treasury prices edged slightly lower overnight as downward supply pressure ahead this week’s Treasury auctions was mostly offset by disappointing data from Europe. Today’s US economic calendar is void of significant data but there are a couple of planned Fed appearances to keep investors occupied.

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Nonfarm Payrolls Grow

08/04/2017

Treasury prices were mostly unchanged overnight as investors awaited today’s Employment Report. The results were better than expected as various aspects of the report indicated strength in the labor market.

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Weekly Jobless Claims Improve

08/03/2017

Treasury prices were mostly unchanged overnight as mixed economic data from overseas was overshadowed by investors awaiting the Bank of England’s announcement.

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Weekly MBA Mortgage Applications Dip

08/02/2017

Treasury prices are modestly lower this morning after a quiet overseas session left prices to drift higher and give back a portion of yesterday’s gains. Data on today’s US economic calendar is limited to the already released ADP Employment Report and Weekly MBA Mortgage Application Index.

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Consumer Spending On Par With Expectations

08/01/2017

Treasury prices were mostly unchanged overnight as August gets off to an uneventful start. Overseas data was fairly heavy but contained very few surprises with EU GDP highlighting the docket. Today’s US economic calendar includes a handful of reports on manufacturing, consumer spending, and construction.

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Treasury Prices Mostly Unchanged

07/31/2017

Treasury prices were mostly unchanged overnight as better than expected data from Europe was counterbalanced by disappointing data from China and month-end buying.

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Consumer Spending As Expected

07/28/2017

Treasury prices moved modestly lower overnight as stronger than expected inflation data from Europe overshadowed reports that the Senate had failed in its attempts to repeal Obamacare. The US economic calendar ends the week with a couple of noteworthy reports as well as the first bit of Fedspeak post FOMC.

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Weekly Jobless Claims increase Modestly

07/27/2017

Treasury prices were mostly unchanged overnight as investors digested the FOMC statement as well as news that the Senate hopes to pass a scaled down repeal of Obamacare. Overseas data was light but the US economic calendar includes several notable reports.

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MBA Refinance Applications Up Again This Week

07/26/2017

Treasury prices leveled off overnight after yesterday’s sharp selloff. Overseas activity was uneventful and data the US calendar is somewhat busy ahead of this afternoon’s FOMC Meeting Announcement.

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Treasury Prices Move Lower

07/25/2017

Treasury prices moved lower overnight as better than expected data from Europe and global equity market gains have applied some downward pressure. The US economic calendar includes a handful of reports on housing, consumer confidence, and manufacturing.

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Treasury Prices Dip

07/24/2017

Treasury prices are slightly lower this morning as disappointing PMI data from Europe failed to create an overnight bid. Today’s US economic calendar is fairly busy with two notable reports due out on PMI and Existing Home Sales at 9:45AM ET and 10AM ET, respectively.

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Treasury Prices Are Up

07/21/2017

Treasury prices are modestly higher this morning as yesterday’s upward momentum carried into an uneventful overnight session. Overseas data was light and today’s US economic calendar is wide open as well with no economic releases or Fedspeak on the docket.

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Weekly Jobless Claims Better Than Expected

07/20/2017

Treasury prices were mostly unchanged overnight as limited overseas data left investors to focus on central bank activity. The Bank of Japan left rates unchanged but extended the expected timeline to hit its 2% inflation target.

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Refinance Applications Surge

07/19/2017

Treasury prices edged slightly lower overnight as global equity markets were boosted by better than expected earnings reports. Overseas economic data was light but the US economic calendar includes a couple of mid-tier reports.

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Treasury Prices Move Higher

07/17/2017

Treasury prices moved modestly higher over the weekend as momentum created by Friday’s tame inflation numbers overshadowed better than expected data from China. The US economic calendar has a fairly quiet start to a quiet week of activity.

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Today's Market Color

07/14/2017

Treasury prices edged higher overnight after a fairly quiet session. Overseas data was light but the US calendar is the heaviest of the week and investors will be paying particularly close attention to inflation data to help determine if the recent lull is truly transitory.

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Treasuries Lost Momentum

07/13/2017

Treasury prices initially moved modestly higher overnight as yesterday’s bid carried into the late session.However, treasuries lost momentum as reports surfaced that the ECB will be releasing information on the timing of tapering.

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Tresury Prices Moved Higher

07/12/2017

Treasury prices moved higher overnight as the modest flight to quality bid created by Donald Trump Jr. emails has overshadowed better than expected data from Europe.

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Treasury Prices Slightly Lower

07/11/2017

Treasury prices are slightly lower this morning as yesterday’s upward momentum stalled overnight. Overseas data was light but the recent pressure on European debt continued and carried over to US Treasuries. Today’s US economic calendar provides a light mix of data and Fedspeak.

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Monday Market News

07/10/2017

Treasury prices are slightly higher this morning as a mix of overseas data that was biased towards the softer side helped treasuries rebound modestly from last week’s losses. This week’s US economic calendar gets off to a slow start with no significant releases planned today.

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Unemployment Rate Increases

07/07/2017

Treasury prices edged lower overnight as a slew of mixed data from overseas was overshadowed by investors anticipation of today’s Employment Report. The headline results were better than expected as a 222k increase in nonfarm payrolls was above forecasts of 170k.

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Jobless Claims Softer Than Expected

07/06/2017

Treasury prices moved lower overnight as a mix of data and heavy supply from Europe had prices under pressure. Today’s US economic calendar is fairly robust ahead of tomorrow’s NF Payroll Report. The ADP Employment Report kicked off the morning with disappointing results of +158k vs forecasts of 180k.

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Mid Week Market Update

07/05/2017

Treasury prices moved overnight after reports of a successful North Korean ICBM test, however the gains were short lived as better than expected data from Europe moved prices back to unchanged. Today’s US economic calendar includes a couple of noteworthy items.

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Treasury Prices Slightly Higher

07/03/2017

Treasury prices are slightly higher to start today’s shortened trading session following a fairly quiet weekend in terms of economic news. There are several noteworthy economic events this week beginning with the ISM Manufacturing Index at 10 AM ET.

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Consumer Spending Is Up

06/30/2017

Treasury prices moved lower overnight as better than expected data from Europe added to the downward momentum created by ECB President Draghi earlier this week.

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GDP Stronger Than Expected

06/29/2017

Treasury prices moved lower overnight as better than expected data from Europe added to the downward momentum created by ECB President Draghi earlier this week. The US economic calendar has been active this morning with the release of 1st Qtr GDP and the Weekly Jobless Claims Report.

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Weekly MBA Mortgage Applications Dip

06/28/2017

Treasury prices continued to move lower overnight as a mix of data from overseas failed to stem the downward momentum created by ECB President Draghi.

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Treasury Prices Move Lower Overnight

06/27/2017

Treasury prices moved lower overnight as hawkish overnight comments from ECB President Draghi and Fed President Williams have treasuries under pressure.

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May Durable Goods Orders Softer Than Expected

06/26/2017

Treasury prices edged slightly lower overnight as limited but better than expected data from Europe applied modest pressure. The US economic calendar hits the ground running with the early morning release of the May Durable Goods Orders Report.

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Treasury Prices Edge Lower

06/23/2017

Treasury prices edged slightly lower overnight despite softer than expected PMI data from Asia and Europe. Today’s US economic calendar ends the week with a couple of mid-tier reports and a heavy dose of Fedspeak.

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Weekly Jobless Claims As Expected

06/22/2017

Treasury prices are slightly higher this morning after another fairly quiet overseas session. Overseas data was light but the US economic calendar includes a couple of noteworthy data points. The Weekly Jobless Claims Report was in-line with expectations of a slight uptick in New Claims to 241k.

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Mortgage Applications Move Higher

06/21/2017

Treasury prices were mostly unchanged overnight as geopolitical events continue to fill the data void. With no material economic news overnight, investors focused on a shakeup in Saudi Arabia’s line of succession of power and the implications for Saudi influence in the Middle East.

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Treasury Prices Edge Higher

06/20/2017

Treasury prices edged higher overnight as a scarcity of data left investors to focus on a number of overnight/early morning Fed appearances as well as Brexit talks.

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Monday Market News

06/19/2017

Treasury prices edged slightly lower over the weekend as limited data from overseas left investors to focus on another victory for Macron’s party in French elections and continuing Brexit negotiations.

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May Housing Starts Softer Than Expected

06/16/2017

Treasury prices were mostly unchanged overnight as limited oversea data was on par with expectations and the Bank of Japan announced no change to current asset purchase and rate policies.

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Weekly Jobless Claims Dip

06/15/2017

Treasury prices moved modestly lower overnight as investors balanced the FOMC rate decision with overnight reports of Mueller’s expanded investigation that apparently now includes obstruction of justice. Overseas data was light but the US economic calendar remains quite active today with news on employment, manufacturing and prices.

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Retail Sales Fall

06/14/2017

Treasury prices ticked higher overnight as investors awaited today's eventful US economic calendar. Overseas data was mixed and the US economic calendar includes data on inflation and retail sales prior to this afternoon's FOMC Meeting Announcement.

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Producer Price Index Unchanged

06/13/2017

Treasury prices were mostly unchanged overnight despite better than expected data from Europe and a rebound in equity markets. Today’s US economic calendar includes a mix of data and Fed activity.

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Monday Market News

06/12/2017

Treasury prices edged slightly lower overnight ahead of a quiet start to a robust week of economic activity. Overseas data was softer than expected and the US economic calendar has no significant releases scheduled today.

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Treasury Prices Move Lower

06/09/2017

Treasury prices moved modestly lower overnight as markets digested the surprise UK election outcome that resulted in a hung parliament. Overseas data was mixed as better than expected results from China were offset by disappointing data from Europe.

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Treasury Prices Edge Lower

06/08/2017

Treasury prices edged slightly lower overnight as a slew of mixed data from overseas was overshadowed by the looming trifecta of geopolitical events. Thus far, voting is underway in the UK and the ECB has announced no further rate cuts will be implemented as it indicated a shift towards exiting from stimulus programs.

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Weekly MBA Purchase Applications Surge

06/07/2017

Treasury prices were mostly unchanged overnight as a light mix of data from overseas, including weaker data from Germany and Italy, helped sustain yesterday’s price gains. Today’s US economic calendar is fairly benign with the already released MBA Mortgage Applications Index and EIA Petroleum Status Report highlighting the docket.

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Treasury Prices Move Higher

06/06/2017

Treasury prices moved higher overnight as numerous geopolitical headlines are keeping the flight to quality bid alive. Overseas data was light and the US economic calendar is limited to the 10AM release of the JOLTS survey.

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Treasury Prices Move Lower

06/05/2017

Treasury prices moved modestly lower overnight as better than expected PMI data from overseas was overshadowed by several geopolitical events from the weekend.Most notably, there was another London terrorist attack on Saturday night and Saudi Arabia, Egypt, Bahrain and the UAE announced an effort to cut ties with Qatar due to its relationship with Iran.

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Nonfarm Payrolls Grow Less Than Expected

06/02/2017

Treasury prices were modestly higher overnight as mixed data from overseas took a backseat to this morning’s employment report. The results were weaker than expected as Nonfarm Payrolls grew by 138k, which was well below estimates of 185k.

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Employment Report Stronger Than Expected

06/01/2017

Treasury prices edged lower overnight despite softer than expected data from China. The US economic calendar includes a number of noteworthy reports today ahead of tomorrow’s payroll report.

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Weekly MBA Mortgage Applications Dip

05/31/2017

Treasury prices were modestly lower overnight as stronger than expected PMI data from China was partially offset by disappointing CPI data from Europe. Today’s US economic calendar includes a handful of reports on US housing and inflation.

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Personal Income Report As Expected

05/30/2017

Treasury prices edged higher overnight as a slew of mixed data from overseas took a backseat to geopolitical headlines from the long holiday weekend. Investors continue to worry about the narrowing lead for UK Prime Minister May’s Conservative Party in recent polls as well as allegations against President Trump’s son in-law.

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Q1 GDP Above Expectations

05/26/2017

Treasury prices moved modestly higher overnight as slumping oil and equity markets helped create a bid for treasuries. Overseas data was mostly softer than expected and investor anxiety is building over a tightening in the polls for next month’s UK election. Today’s holiday condensed trading session is highlighted by a few noteworthy releases.

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Jobless Claims Continue To Strengthen

05/25/2017

Treasury prices edged slightly lower overnight leaving most of yesterday’s FOMC inspired gains intact. Overseas data was softer than expected and the US economic calendar has produced mixed results thus far this morning.

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Weekly MBA Mortgage Applications Increase

05/24/2017

Treasury prices were mostly unchanged overnight as news that China’s credit rating was downgraded by Moody’s helped make up for limited economic data from overseas. Today’s US economic calendar includes data on US housing as well as the release of the FOMC Meeting Minutes. Investors will be looking for the minutes to provide additional hints around the likelihood of a Fed increase in June.

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Treasury Prices Edge Higher

05/23/2017

Treasury prices edged higher overnight as news of a terrorist attack in the UK overshadowed better than expected data from Europe. The US economic calendar begins to heat up today with data on inflation and housing followed by a couple of late day Fed appearances.

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Monday Market News

05/22/2017

Treasury prices edged slightly lower overnight after an uneventful weekend of activity. Overseas data was light and the US economic calendar offers up a quiet to start to a fairly busy week of activity, as well. With no scheduled releases today, investors will likely focus on today’s numerous Fed appearances and details of President Trumps Middle East visit.

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Friday Market Update

05/19/2017

Treasury prices edged slightly lower overnight as the string of overnight US political tape-bombs finally subsided. Data from overseas was uneventful and the US economic calendar is void of data but does include a couple of planned Fed appearances.

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Weekly Jobless Claims Better Than Expected

05/18/2017

Treasury prices moved modestly higher overnight as the flight to quality bid was sustained by continued fallout from alleged Trump administration ties to Russia. Overseas data was uneventful but the US economic calendar steps up activity today with reports on employment and economic conditions.

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MBA Weekly Mortgage Applications Dip

05/17/2017

Treasury prices moved higher overnight as another round of fairly benign overseas data took a backseat to US political fireworks. The situation appears to be getting worse for the Trump Administration as the latest reports of potential obstruction of justice point towards a drawn out investigation that may further hinder potential agenda items.

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Housing Starts Softer Than Expected

05/16/2017

Treasury prices are mostly unchanged this morning as geopolitical headlines continue to eclipse actual economic data. The latest headlines are swirling around reports that the White House shared highly classified data with Russia.

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Monday Market News

05/15/2017

Treasury prices are modestly lower this morning as overseas data was overshadowed by geopolitical tensions created by North Korea’s latest missile test. Today’s US economic calendar starts off the week with a couple of mid-tier reports on manufacturing and housing.

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Retail Sales Improve Less Than Expected

05/12/2017

Treasury prices were modestly higher overnight after a fairly uneventful round of overseas data. Today’s US economic calendar is the busiest of the week with a couple heavy hitters on the docket. Retail Sales and CPI for April were both on the softer side of expectations.

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Jobless Claims Report Strongly

05/11/2017

Treasury prices edged higher overnight as investors continue to gauge the impact of Comey’s firing on the likelihood of success for President Trump’s agenda on healthcare and tax cuts. Overseas data was uneventful but the US economic calendar begins to pick up the pace today with data on employment and inflation.

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MBA Mortgage Applications Increase

05/10/2017

Treasury prices moved modestly higher overnight as mostly better than expected data from overseas was overshadowed by the news of Comey’s firing. Today’s US economic calendar includes a couple of data points and Fed appearances.

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Monday Market News

05/08/2017

Treasury prices are mostly unchanged this morning as markets appear to have already baked in a Macron victory in the French Presidential election. Overseas data was mixed but mostly better than expected and the US economic calendar gets off to a slow start today with no significant releases planned.

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Unemployment Rate Drops

05/05/2017

Treasury prices were mostly unchanged overnight ahead of this morning’s Employment Report. On the surface, the results were better than anticipated as Nonfarm Payrolls increased 211k vs estimates of 185k and the Unemployment Rate unexpectedly ticked lower to 4.4% compared to forecasts of a +0.1% increase to 4.6%.

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Initial Jobless Claims Fall

05/04/2017

Treasury prices edged lower overnight as mixed but mostly better than expected data from overseas applied modest pressure. Investors have a handful of data points to asses this morning ahead of this afternoon’s planned healthcare vote and tomorrow’s NF Payroll Report.

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Employment Report Stronger Than Expected

05/03/2017

Treasury prices were mostly unchanged overnight as mixed data from overseas is being overshadowed by today’s US activity. Specifically, the FOMC meeting concludes this afternoon and investors have low expectations for an actual rate change but instead will be looking for hints on the likely outcome of June’s meeting.

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Treasury Prices Move Lower

05/02/2017

Treasury prices moved modestly lower overnight as yesterday’s downward momentum was tempered by disappointing data from China and Europe.

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Personal Income Report Shows Disappointing Results

05/01/2017

Treasury prices edged slightly lower overnight as disappointing economic data from Asia was offset by news that the House and Senate reached a bipartisan deal on spending through September. Today’s US economic calendar provides a quick start to a very busy week of data.

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GDP Increases Less Than Expected

04/28/2017

Treasury prices edged lower overnight as a slew of mixed economic releases were coupled with continued investor anxiety around US/N Korea. The US economic calendar ends the week with a few noteworthy reports.

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Weekly Jobless Claims Weaker Than Expected

04/27/2017

Treasury prices were mostly unchanged overnight amidst a mix of better than expected overseas data and geopolitical activity. Japan and the ECB both announced that they will leave rates/monetary policy unchanged and President Trump indicated openness to renegotiating NAFTA rather than can an outright US withdrawal from the treaty.

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Refinance Activity Surges

04/26/2017

Treasury prices were mostly unchanged overnight as fixed income attempted to find its footing in the wake of Sunday’s French election. Overseas data was uneventful and the US economic calendar is fairly benign as well with the Weekly MBA Mortgage Applications Index and a report on petroleum inventories being the only data points.

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Treasury Prices Move Lower

04/25/2017

Treasury prices continued to move lower overnight as yesterday’s risk-on trade in response to the French election carried into the overnight session. Overseas data was light but signals from President Trump about delaying border wall funding increased hopes that a government shutdown may be avoided.

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Monday Market News

04/24/2017

Treasury prices moved lower overnight as the results of the initial round of France’s presidential election helped assuage investor anxiety. Markets will now shift geopolitical focus to the potential US government shutdown with Friday’s deadline looming.

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Treasury Prices Mostly Unchanged

04/21/2017

Treasury prices are mostly unchanged this morning as a mix of data from overseas provided little reason for change. Investors continue to be focused on geopolitical activity as this weekend’s French vote and a potential US government shutdown are being closely watched.

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Jobless Claims As Expected

04/20/2017

Treasury prices edged slightly lower overnight after another fairly quiet overseas session left treasuries range bound. Today’s US economic calendar includes a couple of reports on employment and manufacturing.

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MBA Mortgage Applications Dip

04/19/2017

Treasury prices moved modestly lower overnight as yesterday’s flight to quality bid lost some of its momentum. Overseas data was light and the US economic calendar is fairly light today, as well. The EIA Petroleum Status Report is due out at 10:30 AM ET, followed by some Fedspeak and the Fed’s Beige Book in the afternoon.

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Housing Starts Below Expectations

04/18/2017

Treasury prices are higher this morning as global equity markets came under pressure overnight. There was limited data from abroad but British Prime Minister Theresa May made a surprise request for an early “snap” election to reinforce her position before Brexit negotiations.

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Manufacturing Survey Below Expectations

04/17/2017

Treasury prices moved higher over the long holiday weekend as Friday’s softer than expected CPI and Retail Sales data combined with continuing geopolitical concerns to push yields lower. Today’s US economic calendar is fairly busy with reports on manufacturing and housing.

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Jobless Claims Improve

04/13/2017

Treasury prices continued to move higher overnight as yesterday's rally extended into the overnight session as geopolitical activity has investors nervous. Today's US economic calendar includes a broad mix of data on employment, inflation and consumer confidence. Thus far, the Weekly Jobless Claims Reports showed slightly better than expected results. Initial Claims of 234k were below expectations of 243k.

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MBA Weekly Mortgage Applications Increase

04/12/2017

Treasury prices are edging slightly higher this morning as a mix of economic data from overseas left yesterday’s rally intact. The US economic calendar begins to ramp up today with data on Import and Export Prices and Petroleum Inventories.

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Economy Expanding at Moderate Pace

04/11/2017

Treasury prices are higher this morning following a fairly quiet overnight session. Chair Yellen’s remarks in Michigan characterized the economy as expanding at a moderate pace and reiterated that the Fed’s extremely accommodative policy is nearing its end point.

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Monday Market News

04/10/2017

Treasury prices are just about unchanged this morning with a very light economic calendar this holiday shortened week. Following an eventful Friday in which the market took geopolitical events and soft labor data in stride, focus is trained on clues speaking to the Fed’s plan for balance sheet reduction.

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Unemployment Rate Declines

04/07/2017

Weaker than expected economic data and a U.S. air strike have lifted MBS this morning. Against a consensus forecast of 180K, the economy added just 98K jobs in March. In addition, downward revisions subtracted 38K jobs from the results for prior months.

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Jobless Claims Report Stronger Than Expected

04/06/2017

Treasury prices edged slightly lower overnight as mixed economic data from overseas and a reiteration of an accommodated stance from the ECB left the current treasury range intact.

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Weekly MBA Mortgage Applications Dip

04/05/2017

Treasury prices are relatively unchanged this morning after mixed economic data from overseas and a disappointing performance by Le Pen in a French Presidential debate failed to break treasuries out of the recent range.

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Trade Deficit Lower Than Expected

04/04/2017

MBS are down -2/32 (FNMA 30-yr 3.5 at 102.19), around 7/32 higher than yesterday at this time.

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Monday Market News

04/03/2017

Treasury prices are mostly unchanged this morning as a broad mix of data from overseas did little to provide clear direction. The US economic calendar starts the week on a lively note with a mix of data and Fedspeak.

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Consumer Spending Dips

03/31/2017

Treasury prices are mostly unchanged this morning as a flood of overseas data from Asia and Europe provided no clear direction. The US economic calendar ends the week with another mix of data and Fedspeak.

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Treasury Prices Dip

03/30/2017

Treasury prices are slightly lower this morning with GDP estimate and Initial Claims coming in just above consensus estimates.

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Weekly MBA Mortgage Applications Dip Slightly

03/29/2017

Treasury prices moved moderately higher overnight as mixed economic data took a backseat to news that the UK officially triggered the Brexit process. Today’s US economic calendar includes a healthy mix of data and Fedspeak.

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Treasury Prices Tick Higher

03/28/2017

Treasury prices ticked slightly higher overnight as scant activity from overseas left yesterday’s price gains intact. The US economic calendar picks up the pace today with data on the trade deficit, housing and consumer confidence.

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Treasury Prices Surge

03/27/2017

Treasury prices surged over the weekend as the failure of the House to vote on the healthcare bill is reverberating with investors. Markets are now questioning the likelihood and speed of President Trump’s future economic stimulation plans.

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Durable Goods Orders Report Mixed

03/24/2017

Treasury prices remained in a holding pattern overnight as investors await the results of the political gamesmanship on the healthcare vote. In the interim, the US economic calendar includes data on manufacturing and inflation, as well as a handful of planned Fed appearances.

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Jobless Claims Jump

03/23/2017

Treasury prices are modestly higher this morning as markets await the results of today’s vote on the GOP healthcare Bill. The success of this Bill is widely viewed as a bellwether for the speed and success of other proposed changes from the Trump Administration.

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MBA Mortgage Applications Dip

03/22/2017

Treasury prices maintained yesterday’s upward momentum in the overnight session and opened this morning slightly higher. Overseas data was light and equity and oil prices remain under pressure. The US economic calendar is focused on housing today with a trio of reports on mortgages, housing prices and existing home sales.

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Treasury Prices Tick Lower

03/21/2017

Treasury prices ticked lower overnight after equity markets reacted positively to the French presidential debate that seemed to favor Macron over Le Pen. Overseas data was quiet and the US economic calendar continues to be devoid of data, as well.

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Monday Market News

03/20/2017

Treasury prices were mostly unchanged overnight after an uneventful overseas session. The US economic calendar is starting off the week in similar fashion with no notable releases scheduled for today.

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Treasury Prices Edge Higher

03/17/2017

Treasury prices edged higher overnight after an uneventful overnight session. The US economic calendar ends a busy week with a couple reports on manufacturing and consumer confidence.

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MBA Weekly Mortgage Applications Improve

03/15/2017

Treasury prices moved modestly higher overnight ahead of a robust day of activity. Overseas data was fairly uneventful but the US economic calendar includes a slew of data in the morning followed by the FOMC in the afternoon (11:00 PST).

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February Producer Price Indexes Increase

03/14/2017

Treasury prices were modestly higher overnight as a mix of data from Asia and Europe was generally softer than expected. Today’s US economic calendar is limited to the Feb Producer Price Index.

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Treasury Prices Mostly Unchanged

03/13/2017

Treasury prices were mostly unchanged overnight as overseas activity was light ahead of this week. The US economic calendar gets off to a slow start this week as well with nothing on today’s docket.

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Unemployment Rate As Expected

03/10/2017

Treasury prices hovered near unchanged overnight as investors awaited today’s Employment Report. The results were better than expected as nonfarm payroll increased +235k vs forecasts of +200k. The Unemployment Rate was in-line with expectations of a dip to 4.7% and the labor participation rate edged slightly high to 63.0%.

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Oil Prices Fall

03/09/2017

Treasury prices were mostly unchanged overnight as investors awaited the ECB decision this morning. Overseas was softer than expected and oil prices continued to fall overnight on supply concerns. This morning the ECB held rates steady and kept its QE program unchanged amidst a noted uptick in inflation.

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MBA Weekly Mortgage Applications Improve

03/08/2017

Treasury prices edged lower overnight as uneventful data from overseas was unable to stem the recent downward momentum. The US economic calendar picks up the pace today with data on employment, productivity and costs.

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Trade Deficit Widens

03/07/2017

Treasury prices edged lower overnight as mixed data from overseas competed for attention with the release of House Republican’s health care proposal.

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Treasury Prices Edge Higher

03/06/2017

Treasury prices edged higher overnight as news of another North Korean missile test highlighted an otherwise uneventful weekend of overseas activity. Today’s US economic calendar gets off to a relatively slow start to a mostly slow week of activity.

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Treasury Prices Dip

03/03/2017

Treasury prices edged lower overnight as softer than expected data from overseas was overshadowed by today’s onslaught of Fedspeak, including Fed Chair Janet Yellen. Data on the US economic calendar is limited to the PMI Services Index and ISM Non-MFG Index at 9:45AM and 10AM ET, respectively.

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Weekly Jobless Claims

03/02/2017

Treasury prices moved lower overnight as the recent trend of hawkish Fedspeak continued. Last night was Fed Gov Laid Brainard reiterating that a March rate hike is in play, which in turn leaves the option open for three increases in 2017.

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MBA Mortgage Applications Improve

03/01/2017

Treasury prices moved lower overnight as a combination of hawkish Fedspeak and better than expected data from overseas applied the downward pressure. Today’s US economic calendar remains very active with a handful of economic data as well as a couple of planned Fed appearances.

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4th Quarter GDP Below Expectations

02/28/2017

Treasury prices were mostly unchanged overnight as a mix of data from overseas was overshadowed by today’s robust US economic calendar. Investors will have a full day of activity to digest with a healthy mix of data and Fedspeak today followed by President Trump’s address to a joint session of Congress this evening.

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Durable Good Orders Up

02/27/2017

Treasury prices moved modestly lower overnight as investors prepared for a busy week of activity. Overseas data was mixed and provide little trading direction but the US economic begins the week with a couple of noteworthy reports.

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Treasury Prices Move Higher

02/24/2017

Treasury prices are moving higher this morning after yesterday’s upward momentum carried into an uneventful overnight session. The US economic calendar ends the week with a couple of reports on New Home Sales and Consumer Sentiment at 10AM ET.

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Weekly Jobless Claims As Expected

02/23/2017

Treasury prices moved modestly higher overnight after a fairly uneventful session that was limited to a bit of softer than expected data from Europe. Today’s US economic calendar is also fairly uneventful with a few mid-tier reports on employment, housing and petroleum inventories.

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MBA Mortgage Applications Dip

02/22/2017

Treasury prices are up this morning following a quiet overnight session. The MBA’s Mortgage Applications Index was off 2.0% over the past week, with Purchases down 2.8% and Refis down 1.0%.

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Tuesday Market News

02/21/2017

Treasury prices are off this morning to begin the holiday shortened week. The economic calendar is light this week with PMI Manufacturing Index out later this morning.

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Treasury Prices Up

02/17/2017

Treasury prices were up in the overnight session with the rally sustained early this morning. Pretty quiet on the economic front today to end the barrage of strong data this week.

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Treasury Prices Are Up

02/16/2017

Treasury prices are up a bit this morning following a quiet overnight session.

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Weekly MBA Mortgage Applications Dip

02/15/2017

The Treasury market has been under pressure since Janet Yellen’s testimony began yesterday which continues this morning in front of the House Financial Services Committee.

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Fed Chair - Unwise to Wait to Raise Rates

02/14/2017

In her semi-annual testimony to Congress, Fed Chair Yellen surprised investors with her comment that it would be "unwise" to wait too long to raise the federal funds rate. MBS moved lower due to the possibility of faster than expected tightening by the Fed.

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Markets Prepared For A Busy Week Of Economic Activity

02/13/2017

Treasury prices moved lower overnight as markets prepared for a busy week of economic activity. Overseas data was light and the US economic calendar also provides a breather today ahead of tomorrow’s onslaught of Fedspeak and economic data.

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Treasury Prices Move Lower

02/13/2017

Treasury prices moved lower overnight as markets prepared for a busy week of economic activity. Overseas data was light and the US economic calendar also provides a breather today ahead of tomorrow’s onslaught of Fedspeak and economic data.

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Import Prices Increase

02/10/2017

Treasury prices continued to move lower overnight as yesterday’s downward pressure was sustained by stronger than expected data from China and the UK.

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New Jobless Claims Lower Than Expected

02/09/2017

Treasury prices moved modestly lower overnight as an uptick in global equity markets and better than expected data from overseas pressured treasuries lower.

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MBA Mortgage Applications Increase

02/08/2017

Treasury prices are moving higher this morning after a very quiet overnight session that was void of any significant economic releases. The US economic calendar follows suit with very little in the way of significant economic data today, as well.

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US Trade Deficit Narrows

02/07/2017

Treasury prices edged slightly lower overnight as late afternoon Fed comments indicated that a March Fed rate hike remains in play. Overseas data was mixed and investors are monitoring French election coverage where a “Frexit” platform seems to be gaining momentum.

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Treasury Prices Move Higher

02/06/2017

Treasury prices moved higher overnight and reclaimed some of Friday’ afternoon’s selloff that was induced by hawkish Fed Speak from SF Fed President Williams.

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Payrolls Exceed Expectations

02/03/2017

Treasury prices were mostly unchanged overnight as another mixed round of heavy overseas data did little to move prices ahead of today’s Employment Report. However, prices have moved modestly higher this morning as a surprise strong headline increase in payrolls was overshadowed by a disappointing Average Hourly Earnings increase.

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Nonfarm Productivity Improves

02/02/2017

Treasury prices edged higher overnight as a mix of overseas data and geopolitical activity created a modest bid. The Bank of England left rates unchanged and the asset purchase program intact. Today’s US economic calendar is active once again with data on employment and productivity.

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MBA Mortgage Applications Dip

02/01/2017

Treasury prices moved modestly lower overnight as another heavy round of mixed economic reports from overseas combined with month end influences and position squaring ahead of this afternoon’s FOMC Meeting Announcement. The US economic calendar is busy this morning with data on employment, housing and manufacturing.

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Treasury Prices Edge Higher

01/31/2017

Treasury prices edged slightly higher overnight as a slew of mixed economic activity from overseas combined with uncertainly around the Trump Administration’s executive orders and future agenda, including Supreme Court Nominations, has left markets a bit anxious.

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Disappointing Gains in Personal Income

01/30/2017

Treasury prices are mostly unchanged this morning as markets digest mixed economic news from Europe as well as the geopolitical response and implications of Friday’s US immigration policy announcement. The US economic calendar has a fairly active start to a significant week of events.

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Mixed Economic Data

01/27/2017

Treasury prices were mostly unchanged overnight as mixed economic data and overseas holidays left yesterday’s prices mostly intact. Today’s US economic calendar is the most significant of the week with data on durable goods, GDP and consumer confidence.

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Jobless Claims Softer Than Expected

01/26/2017

Treasury prices remained under modest pressure overnight as firm economic data from overseas supported the recent rise in equity markets.

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Weekly Mortgage Applications Improve

01/25/2017

Treasury prices are edging lower this morning with equity markets rallying and the Dow poised to potentially break the 20k threshold. Overseas data was softer than expected and the US economic calendar is relatively light today with a couple of housing related releases on the docket.

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Treasury Prices Dip Over Brexit

01/24/2017

Treasury prices retreated modestly overnight after news the UK Supreme Court ruled that PM May needs parliament’s permission to trigger Article 50 for Brexit.

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Treasury Prices Up

01/23/2017

Treasury prices are modestly higher to start the week as global equity markets are under pressure amidst concerns around President Trump’s potential pursuit of protectionist trade policies.

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Treasury Prices Off Slightly

01/20/2017

Treasury prices are off slightly this morning with nothing on the economic calendar. Today’s main event, of course, will be President-Elect Trump’s inauguration.

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Housing Starts Exceed Expectations

01/19/2017

Treasury prices remained under pressure overnight as the downward momentum created by Yellen’s speech yesterday carried into the overnight session. Today’s US economic calendar has already delivered the majority of data, which included Housing Starts, Jobless Claims and Philadelphia Fed Outlook Survey.

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Refinance Applications Increase

01/18/2017

Treasury prices moved lower overnight as yesterday’s rally lost momentum in the overnight session amidst hawkish fedspeak and EU inflation data. The US economic calendar picks up the pace today with reports on inflation and manufacturing, as well as some Fedspeak that includes Janet Yellen.

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Brexit Concerns Drive Treasury Prices

01/17/2017

Treasury prices are higher this morning as Brexit concerns and the continued retreat in equity markets has sustained the flight to quality bid. Data on today’s US economic calendar is limited to the Empire State Manufacturing Survey but there are also several planned Fed appearances throughout the day.

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Retail Sales Rise Less Than Expected

01/14/2017

Investors usually pay much more attention to the Retail Sales report than to the PPI inflation data, but today appears to be the exception. MBS have moved sharply lower following the release of stronger than expected inflation data and weaker than expected Retail Sales data. The Dow is up 50 points.

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Weekly Jobless Claims Improve

01/12/2017

Treasury prices moved high overnight as equity markets seem to be weaning off the enthusiasm of Trump’s election victory. Overseas data was mixed as softer than expect data from Asia was offset by firm data from Europe.Today’s US economic calendar picks up the pace with the release of the Weekly Jobless Claims Report and Import/Export Price Index.

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MBA Weekly Mortgage Applications Increase

01/11/2017

Treasury prices were mostly unchanged overnight as mixed overseas data was shrugged off as investors remain focused on today’s Trump news conference. In the interim, the US economic calendar is limited to the already released MBA Mortgage Applications Index and Petroleum Status Report.

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Small Business Optimism Jumps

01/10/2017

Treasury prices were under modest pressure overnight despite softer than expected CPI data from China. The US economic calendar is fairly tranquil today and is limited to the NFIB Small Business Optimism Index and JOLTS report.

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Monday Market News

01/09/2017

Treasury prices moved higher overnight as mixed data from overseas was overshadowed by comments from British PM Theresa May that indicated the UK may favor regaining control of immigration and law making at the expense of access to EU’s single market.

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Payroll Growth Lower Than Expected

01/06/2017

Treasury prices were mostly unchanged overnight as overseas data failed to move prices ahead of today’s NF Payroll report. The results this morning were softer than expected on a headline basis as payroll growth of 156k was below consensus estimates of 175k.

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Weekly Jobless Claims Stronger Than Expected

01/05/2017

Treasury prices moved higher overnight despite better than expected PMI data from both Asia and Europe. Today’s US economic calendar is fairly active ahead of tomorrow’s Payroll Report.

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MBA Weekly Mortgage Applications Drop

01/04/2017

Treasury prices are lower this morning as firmer than expected CPI data from Europe has applied modest pressure. The US economic calendar is fairly quiet this morning with only the MBA Mortgage Applications Index on the docket.

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Treasury Prices Start 2017 Lower

01/03/2017

Treasury prices are lower to start off 2017 as better than expected PMI data from overseas has chipped away at the yearend rally in treasury prices. This week’s condensed economic calendar gets off to a quick start with data on inflation and housing.

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Treasury Prices Unchanged

12/30/2016

Treasury prices are mostly unchanged this morning ahead of the last trading day of 2016. Overseas data was light leaving investors to focus on US and Russian responses to sanctions for alleged interference with the US Presidential election.

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Jobless Report In-line With Expectations

12/29/2016

Treasury prices continued to move higher overnight as momentum from yesterday’s strong 5-year treasury auction carried into the late session.

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Mid Week Update

12/28/2016

Treasury prices are mostly unchanged this morning after a fairly quiet overnight session that included better than expected data on manufacturing and retail sales from Japan.

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Treasury Prices Lower

12/27/2016

Treasury prices are off this morning following the holiday weekend with no significant news released today.

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Treasury Prices Edge Higher

12/23/2016

Treasury prices edged slightly higher overnight after a fairly quiet session that included better than expected data from Europe. The US economic calendar ends the week with a couple of mid tier reports ahead of today’s SIFMA recommended early 2PM EST close.

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Durable Goods Orders Drop

12/22/2016

Treasury prices were moderately lower overnight as limited but firmer than expected data from Europe applied pressure. Today’s US economic calendar is the busiest of the week with data on manufacturing, GDP and employment. The results were mixed with softer than expected data on weekly jobless claims being offset by a stronger than expected increase in GDP.

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Mortgage Applications Improve

12/21/2016

Treasury prices moved sideways overnight as markets seem to be easing into the holiday lull with muted volumes reported. Overseas data was uneventful but the US economic calendar includes a couple of noteworthy reports this morning.

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Treasury Prices Move Lower

12/20/2016

Treasury prices moved modestly lower overnight after another fairly quiet evening of data left investors to focus on numerous global geopolitical events.

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Treasury Prices Move Higher

12/19/2016

Treasury prices are moving higher this morning after a fairly quiet weekend of data left investors focusing on geopolitical news of a possible Scotland referendum vote and China’s apparent seizure of a US drone.

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Housing Permits Dip

12/16/2016

Treasury prices moved higher overnight as light economic data from overseas allowed for a bit of a bounce in the late session. Today’s US economic calendar ends the week on a light note with a lone report on Housing Starts.

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Weekly Jobless Claims As Expected

12/15/2016

Treasury prices continued to move lower overnight as yesterday’s downward pressure was aided by better than expected PMI data from Europe. The US economic calendar remains quite active today with data on inflation and employment.

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November Retail Sales Softer Than Expected

12/14/2016

Treasury prices moved moderately higher overnight as a slew of data from overseas and a BOJ announcement helped sustain yesterday’s modest bid. Today’s US economic calendar is the busiest of the week with a number of significant reports due out in the morning followed by the FOMC meeting in the afternoon.

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Import And Export Prices Dip

12/13/2016

Treasury prices moved modestly higher overnight as upward momentum from yesterday afternoon’s rebound carried into the overnight session. This was despite a slew of overseas data that included better than expected data on manufacturing and retail sales from China. Data on today’s US economic calendar is limited to Import and Export Price Indexes for November.

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Monday Market News

12/12/2016

Treasury prices were under moderate pressure overnight as limited data took a backseat to news of another potential round of cuts in oil production by the Saudis. This week’s US economic calendar gets off to a slow start with no significant data scheduled to be released today.

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Treasury Prices Move Lower

12/09/2016

Treasury prices moved lower overnight as better than expected data on inflation from China helped create a bid for global equity markets. The US economic calendar ends the week on a fairly quiet note with data limited to Consumer Sentiment at 10AM ET.

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Jobless Claims As Expected

12/08/2016

Treasury prices moved lower overnight as stronger than expected trade data from China had treasuries under pressure ahead of the ECB’s decision. As expected, the European Central Bank left rates unchanged at 0% but extended the asset purchase program from March 2017 to December 2017.

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Weekly Mortgage Applications Dip Slightly

12/07/2016

Treasury prices moved moderately higher overnight as softer than expected data from Europe provided a lift. The US economic calendar includes data on employment, mortgages and petroleum inventories.

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Trade Deficit Widens

12/06/2016

Treasury prices edged higher overnight as better than expected data from Europe was offset by renewed capital concerns for Italian banks as a consequence of Sunday’s referendum vote.

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Monday Market News

12/05/2016

Treasury prices were modestly lower overnight as markets digested the results of Italy’s referendum vote and the subsequent resignation of Prime Minister Renzi. Overseas data was mostly better than forecasted, highlighted by China’s service sector exceeding expectations.

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Unemployment Rate Dips

12/02/2016

Treasury prices moved modestly higher overnight as uncertainty around Sunday’s Italian Referendum vote is creating investor anxiety. In terms of US economic data, today’s Nonfarm Payroll Report was the highlight of the week but most investors indicated that it was unlikely to move the needle on the Dec FOMC decision.

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Weekly Jobless Claims Increase

12/01/2016

Treasury prices continued to move lower overnight as better than expected data from Asia and Europe extended yesterday’s selloff. Today’s US economic calendar includes a healthy mix of data and Fedspeak.

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Weekly Mortgage Applications Dip Further

11/30/2016

Treasury prices were under pressure overnight after surprise reports that OPEC was able to resolve lingering differences and agree to a deal that will reduce output by 1.2 million barrels a day. Today’s US economic calendar is active once again today with data on employment, consumer spending and housing.

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GDP Moves Higher

11/29/2016

Treasury prices moved modestly lower overnight as mixed but mostly better than expected data from Europe has helped equities rebound. Meanwhile, OPEC’s attempt at production cuts remain in jeopardy as Russia indicated it would not attend Wednesday’s meeting.

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Monday Market News

11/28/2016

Treasury prices are higher this morning as limited overseas data took a backseat to global politics and reports that an OPEC deal to cut oil production is hitting headwinds.

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Durable Goods Orders Surge

11/23/2016

Treasury prices edged higher overnight as mixed PMI data from Europe provided little direction to markets. However, prices headed lower this morning after a report showed that Durable Goods Orders surged +4.8% in October vs forecasts of a +1.5% increase.

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Treasury Prices Move Higher

11/22/2016

Treasury prices initially moved higher overnight after reports of an earthquake in Japan were followed by tsunami warnings. However, the rally lost momentum leaving prices modestly higher this morning after a quiet session in term of data.

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Monday Market Update

11/21/2016

Treasury prices rebounded modestly overnight after a fairly quiet weekend of activity that was highlighted by Angel Merkel’s announcement that she would seek a fourth term during next year’s elections.

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Treasury Prices Mostly Unchanged

11/18/2016

Treasury prices were mostly unchanged overnight as a slew of overseas activity, including central bank rhetoric and better than expected data from Europe, did not provide enough impetus to move markets.

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Jobless Claims - Four Year Low

11/17/2016

Treasury prices were relatively unchanged overnight as investors were mostly sidelined ahead of today’s appearance by Fed Chair Janet Yellen. Overseas data was firmer than expected but this was shrugged off in favor of waiting for today’s Yellen testimony, as well as a slew of US economic data.

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Weekly Mortgage Applications Dip

11/16/2016

It has been another volatile morning. Treasury prices moved lower overnight as limited overseas activity left the familiar theme of pending Trump policies weighing on bond prices. The US economic calendar remains active today with data on mortgages, inflation and manufacturing.

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October Retail Sales Were Strong

11/15/2016

Treasury prices finally found some footing overnight as the 10yr bounced modestly in the late session. Data from overseas was mixed but mostly softer than expected as reports from both Germany and the UK missed estimates.

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Treasury Prices Move Lower

11/14/2016

Treasury prices moved lower over the long weekend as investors continue to price in Trump policy expectations. Overseas data from Asia was mixed but highlighted by disappointing data on manufacturing from China.

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Jobless Claims Improve

11/10/2016

Treasury prices continue to edge lower this morning as yesterday’s selloff bled into the overnight session. Investors are now trying to decipher the difference between pre-election rhetoric and actual action items for the Trump administration.

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Markets React to Trump Win

11/09/2016

The treasury curve steepened overnight with longer term prices heading lower as markets reacted to the surprise Trump victory that is coupled with republican control of Congress. Investors are now left to digest the broader implications for Fed policy, trade, spending and taxes etc.

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Investors Focused On Elections

11/08/2016

Treasury prices are mostly unchanged this morning as investors await the outcome of the US Presidential and Congressional elections. Overseas data was mostly softer than expected and today’s US economic calendar includes a bit of Fedspeak as well as the JOLTs report.

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Treasury Prices Drop Lower

11/07/2016

Treasury prices were lower overnight as the FBI’s announcement yesterday overshadowed weaker than expected data from overseas. This week’s US economic calendar is fairly tranquil with little in the way of significant data scheduled to be released.

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Unemployment Rate Ticks Down

11/04/2016

Treasury prices are up slightly this morning following a slight miss to the downside versus the consensus for October payrolls while the unemployment rate ticked down slightly and met expectations.

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Nonfarm Productivity Increases

11/03/2016

Treasury prices were relatively stable overnight until early morning comments from the Bank of England indicated a more neutral (less dovish) stance than investors were anticipating.

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MBA Mortgage Applications Dip Again

11/02/2016

Treasury prices moved higher overnight as increasing uncertainty around the outcome of the US presidential election had equities under pressure. Overseas data was mixed and the US economic calendar is active once again today with data in the morning followed by the FOMC meeting announcement in the afternoon.

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Treasury Prices Move Lower

11/01/2016

Treasury prices moved lower overnight after better than expected data from China on manufacturing applied downward pressure. Today’s US economic calendar is fairly busy today with data on manufacturing and housing.

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Monday Market News

10/31/2016

Treasury prices are slightly higher this morning with PCE data coming in as expected.

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GDP Improves

10/28/2016

Treasury prices edged lower again overnight as mixed but mostly better than expected data from Asia and Europe added some pressure. The US economic calendar ends the week with a few tasty morsels in the form of GDP, Employment Cost Index and Consumer Sentiment.

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Durable Good Orders Decline

10/27/2016

Treasury prices remained under pressured overnight as investor expectations continue to shift towards less accommodative central bank policies. Overnight data on UK GDP was above expectations and BOJ comments added fuel to the less accommodative argument.

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MBA Mortgage Applications Dip

10/26/2016

Treasury prices are under pressure once again this morning despite similar downward pressure on equity and oil markets. The US economic calendar picks up the pace today with data on the trade deficit, inflation and New Home Sales.

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Treasury Prices Edge Lower

10/25/2016

Treasury prices edged lower overnight as better than expected data from Europe applied modest pressure. The US economic calendar is set to deliver its first reports of the week with data on US housing and consumer confidence.

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Monday Market Update

10/24/2016

Treasury prices were mostly unchanged overnight as a fairly uneventful weekend did little to provide market direction. Overseas data was limited to modestly better than expected PMI data from Europe but the US economic calendar is getting off to a slow start with no significant data scheduled to be released.

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Treasury Prices Edge Higher

10/21/2016

Treasury prices edged higher overnight after an uneventful session that was limited to headlines describing barbs exchanged between presidential nominees last night. This week’s active US economic calendar ends quietly with no data set to be released.

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Weekly Jobless Claims Increase

10/20/2016

Treasury prices were mostly unchanged overnight as uneventful overseas data and a seemingly limited reaction to the last presidential debate left treasuries to trade in a fairly narrow range. Earlier this morning the ECB left rates unchanged and also announced no changes to its QE program.

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Mortgage Purchase Applications Grow

10/19/2016

Treasury prices were mostly unchanged overnight as mixed data from overseas provided little direction to markets. The US economic calendar has already delivered a couple data points this morning on US housing.

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September Consumer Price Index In-line With Expectations

10/18/2016

Treasury prices are mostly unchanged this morning as better than expected data from overseas curtailed yesterday’s upward momentum. The US economic calendar is active once again today with data on inflation and housing.

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Manufacturing Survey Declines

10/17/2016

Treasury prices edged slightly higher over the weekend as mixed data from overseas helped stabilize prices on the heels of Friday afternoon’s slide. Today’s US economic calendar includes a couple of data points this morning followed by some Fedspeak early this afternoon.

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Positive September Reports

10/14/2016

Treasury prices moved modestly lower overnight after higher than expected inflation data from China applied pressure to prices. Today’s US economic calendar is the most active of the week with a handful of economic releases as well as several planned Fed appearances, including Fed Chair Janet Yellen.

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Jobless Claims Take Unexpected Dip

10/13/2016

Treasury prices rebounded modestly overnight as weaker than expected trade data from China sparked a bid. Today’s US economic calendar remains active with data on employment and inflation.

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MBA Mortgage Applications Dip

10/12/2016

Treasury prices continued to move lower overnight as the recent downward momentum was supported by better than expected data from Europe and reports that the UK is beginning to second guess a “hard” Brexit. The US economic calendar includes a mix of data and Fedspeak.

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Treasury Prices Move Lower

10/11/2016

Treasury prices are lower this morning as better than expected data from Europe and hawkish Fedspeak have added to the downward pressure from yesterday’s treasury futures market losses.

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Weekly Jobless Claims Continue To Drop

10/07/2016

Treasury prices were mostly unchanged overnight as light economic data from overseas did little to move markets. Beyond data, investors will be looking to the ECB meeting notes for any further hints on potential tapering of EU QE. Today’s US economic calendar is limited to employment data.

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Payroll Increases Less Than Expected

10/07/2016

Treasury prices edged slightly lower overnight as investors were forced to digest a robust overnight session ahead of this morning’s payroll report. In Asian market trading, the British Pound experienced a flash crash as it declined 6.1% in a two minute span.

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Payroll Growth Lower Than Expected

10/05/2016

Treasury prices were mostly unchanged overnight as the losses created by yesterday’s ECB taper rumors were left intact. Overseas data picked up the pace and was generally better than expected. Meanwhile, the US economic calendar has a handful of reports due out today, as well.

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British Pound Continues To Tumble

10/04/2016

Treasury prices were mostly unchanged overnight after an uneventful session that included some overseas markets closed for holiday. However, the British Pound continued to tumble overnight as Brexit concerns have reemerged.

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Treasury Prices Flat

10/03/2016

Treasury prices are flat this morning ahead of today’s ISM report with little else on the release schedule of significance.

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Personal Income In-Line With Forecasts

09/30/2016

Treasury prices edged higher overnight as continued concerns on the health of Deutsche Bank helped maintain the recent bid for treasuries. A slew of data from overseas was mixed but skewed towards the soft side. The US economic calendar remains active today with a handful of reports including Personal Income and Outlays, Chicago PMI and Consumer Sentiment.

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Weekly Jobless Claims Continue To Improve

09/29/2016

Treasury prices edged lower again overnight as the markets continued to take a breather from the post FOMC rally. Overseas data was mixed but the US economic calendar is starting off the day with better than expected results.

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MBA Mortgage Applications Dip Slightly

09/28/2016

Treasury prices edged lower overnight as a mix of overseas data and a hawkish tone to overnight Fedspeak finally curbed the bid for treasuries. Today’s US economic calendar contains a robust mix of data and Fedspeak. The August Durable Goods Orders Report was better than expected as headline new orders were unchanged vs forecasts of a -1.9% dip.

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Presidential Debates Drive Treasury Prices

09/27/2016

Treasury prices moved modestly higher overnight as uncertainly around the election remains with round one of the three presidential debates failing to produce a knockout blow.

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Treasury Prices Push Higher

09/26/2016

Treasury prices continued to push higher over the weekend as last week’s upward momentum was aided by concerns about the financial health of Deutsche Bank. Today’s US economic calendar provides a mix of data and Fedspeak.

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Treasury Prices Slightly Higher

09/23/2016

Treasury prices are slightly higher this morning as better than expected data from Europe failed to ebb the upward momentum from Wednesday’s FOMC. Today’s US economic calendar is limited to a lone report on PMI Manufacturing Index Flash.

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Weekly Jobless Claims Better Than Expected

09/22/2016

Treasury prices edged higher overnight as yesterday’s momentum created by the FOMC carried into the overnight session. Overseas data was light but the US economic calendar includes a few noteworthy data points.

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MBA Mortgage Applications Dip

09/21/2016

Treasury prices are mostly unchanged this morning as investors continue to digest the BOJ announcement. There was no change to the overall policy rate, however focus was shifted to target a zero yield on the 10-yr JGB.

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Housing Starts Disappointing

09/20/2016

Treasury prices were modestly higher overnight after a quiet session that was limited to disappointing inflation data from Germany. Today’s US economic calendar is also limited to a single data point in form of Housing Starts.

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FOMC To Decide Interest Rates This Week

09/19/2016

Treasury prices edged slightly higher overnight as investors prepare for this week's interest rate decisions from the FOMC and Bank of Japan. Overseas data was uneventful but the NY City bombings have filled early headlines thus far.

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Disappointing Retail Sales

09/16/2016

Treasury prices moved higher overnight as momentum from yesterday’s disappointing Retail Sales Report carried into the overnight trade. Overseas data was light but the US economic calendar has a couple of data points to end the week.

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Jobless Claims Better Than Expected

09/15/2016

Treasury prices edged higher overnight ahead of today’s flood of US economic data. Overseas data was heavy as well and included better than expected results on UK Retail Sales, further evidence that Brexit impact may not be significant.

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Mortgage Applications Increase

09/14/2016

Treasury prices moved modestly higher overnight as weaker than expected results on industrial production from Japan and the EU help treasuries recover some of yesterday’s losses. The US economic calendar is a bit more active today with data on Import and Export Prices, Petroleum Inventories and MBA Mortgage Applications.

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Treasury Prices Unchanged

09/13/2016

Treasury prices were mostly unchanged overnight as yesterday’s appearance by the Fed Governor Brainard ebbed the downward momentum created by last week’s ECB meeting.

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Treasury Prices Edge Lower

09/12/2016

Treasury prices edged lower over the weekend as the downward momentum created by the ECB’s hawkish tone has carried into this week. Overseas data was light and the US economic calendar gets off to a slow start this week from a data perspective, as well.

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Treasury Prices Continue On Defense

09/09/2016

Treasury prices remained on the defensive overnight as investors continue to digest yesterday’s comments from ECB President Draghi that indicated further stimulus may not be necessary. Today’s US economic calendar is clear of data but there are several planned Fed appearances throughout the day.

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New Jobless Claims Report

09/08/2016

Treasury prices edged lower overnight ahead of the ECB Rate decision and Draghi news conference. The ECB Governing Council left rates unchanged, as expected, but investors will be watching the news conference for hints on the potential for expanding stimulus programs.

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Mortgage Applications Increase Modestly

09/07/2016

Treasury prices were mostly unchanged overnight leaving the gains from yesterday’s ISM induced rally intact. Overseas data was mostly softer than expected, including German industrial production results that showed a larger than expected drop.

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Treasury Prices Mostly Unchanged

09/06/2016

Treasury prices were mostly unchanged over the long holiday weekend. Overseas data was mixed and the Reserve Bank of Australia left rates unchanged, which was widely expected. The US economic calendar starts off a calm week data with a couple of mid-tier reports.

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Payroll Growth Lags Behind Expectations

09/02/2016

Treasury prices hovered near unchanged overnight as investors awaited today’s NF Payroll Report. The results were softer than expected as payroll growth of 151k lagged estimates of +175k. Economists expected the unemployment rate to dip down to 4.8%, however it remained steady at 4.9% as did the labor participation rate at 62.8%.

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Weekly Jobless Claims Better Than Expected

09/01/2016

Treasury prices dipped overnight as PMI Manufacturing data from the UK was well above forecasts and indicated that perhaps the economic impact of Brexit will be limited. The US economic calendar is robust today ahead of tomorrow’s NF Payroll Report.

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US Economic Calendar Picks Up Momentum

08/31/2016

Treasury prices drifted lower overnight despite softer than expected inflation data from the EU and lackluster manufacturing data from Japan. The US economic calendar picks up momentum today with data on housing and employment.

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Data From Overseas Applied Modest Pressure

08/30/2016

Treasury prices edged lower overnight as mixed but mostly firmer than expected data from overseas applied modest pressure. An early morning appearance from Fed Vice Chair Stanley Fischer reinforced the recent theme that a rate increase remains in play and that “one and done” does not necessarily apply as the Fed’s job is never done.

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Treasury Prices Edged Higher

08/29/2016

Treasury prices edged higher over the weekend, reversing a small portion of Friday’s Yellen induced sell-off. Overseas data was limited but the US economic calendar gets off to a quick start to a fairly busy week of data.

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Treasury Prices Edged Higher Overnight

08/26/2016

Treasury prices edged higher overnight ahead of this morning’s appearance by Fed Chair Janet Yellen in Jackson Hole. A handful of overseas reports provided mixed results that seemed to have been glanced over as investors focused on Yellen.

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The US Economic Calendar Ramps Up Today

08/25/2016

Another fairly quiet overnight session has left treasury prices mostly unchanged to start the day. Overseas data was uneventful but the US economic calendar ramps up today with data on employment and manufacturing.

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Prices Were Mostly Unchanged

08/24/2016

Treasury prices were mostly unchanged overnight after an uneventful session. Overseas data was light but the US economic calendar does include a couple of housing related reports today.

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Treasury Prices Edged Slightly Lower

08/23/2016

Treasury prices edged slightly lower overnight after mixed but firmer PMI data from Europe applied modest pressure to treasuries. Today’s US economic calendar provides a few mid-tier reports on manufacturing and housing.

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Prices Have Moved Higher

08/22/2016

Treasury prices were initially lower overnight in reaction to hawkish comments from Fed Vice Chair Fischer. However, prices have since retraced the losses and have moved higher this morning.

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Treasury Prices Off This Morning

08/19/2016

Treasury prices are off this morning following a quiet overnight session and no data releases on the calendar today.

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July FED Minutes Show Improving Economy

08/18/2016

The Treasury prices are up slightly this morning following a quiet overnight session. The main take-away from the July Fed minutes is an improving economic outlook and that the Fed will remain flexible, keeping an eye on data as it becomes available and adjust its stance accordingly.

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Weekly Mortgage Applications Dip

08/17/2016

The Treasury market is flat this morning as market participants await the minutes of the Fed’s prior meeting for insight regarding rate hike possibilities.

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Housing Permits Are Strong

08/16/2016

Treasuries prices are marginally higher this morning as July’s CPI data yielded no surprises, coming in slightly softer than forecast. We have mixed results from the housing sector with a strong showing in housing starts but building permits are flat month over month.

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Treasury Prices Move Lower

08/15/2016

Treasuries are moving lower this morning following Friday’s rally. Overnight news was limited, with Japanese GDP figures missing estimates and oil continuing its recent rally.

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Weak Retail Sales Report

08/12/2016

The Treasury market is rallying this morning following a weak retail sales report and a decline in headline producer prices. Both numbers are well below prior month readings and consensus estimates which may give pause to talk of a September FOMC rate hike.

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Initial Jobless Claims As Expected

08/11/2016

Treasury prices moved slightly lower overnight after yesterday’s rally, remaining within the range of the last month. Overnight news was led by the International Energy Agency’s report that the current state of oversupply would persist despite the low price environment as seasonal factors and increasing production from the Middle East offsets declines in the US.

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Mortgage Applications Surge

08/10/2016

Treasury prices moved modestly higher overnight as yesterday’s disappointing productivity data created enough momentum to carry into the evening session. Overseas data was mixed as better than expected results from Japan were tempered by disappointing manufacturing data from Europe.

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Unit Labor Costs Increase

08/09/2016

Treasury prices edged slightly higher overnight on mixed data from overseas. The US economic calendar is relatively quiet again today with a report on Second Qtr Productivity and Costs highlighting the docket.

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Treasury Prices Stabilize

08/08/2016

Treasury prices stabilized over the weekend after Friday’s post-employment report selloff. Overseas data was mostly limited to softer than expected trade data from China.

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Payrolls Increase Higher Than Expected

08/05/2016

Treasury prices edged higher overnight as there was very little overseas activity ahead of today’s employment report. However, prices have pushed lower in response to a better than expected report. Nonfarm Payrolls increased 255k vs expectations of 185k and the previous month’s level was revised slightly higher to 292k.

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Jobless Claims Mostly As Expected

08/04/2016

Treasury prices moved higher overnight after the BOE announced an as expected 25 bps rate cut but unexpectedly layered on an increase in asset purchases. Outside of this announcement, overseas data was uneventful but the US economic calendar includes a couple of tidbits ahead of tomorrow’s employment report.

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Employment Report Shows Better Than Expected Gains

08/03/2016

Treasury prices edged higher overnight as disappointing data from China helped create a modest bid. This week’s US economic calendar keeps plodding along ahead of Friday’s Non-Farm Payroll Report. Thus far, the ADP Employment Report showed better than expected gains of 179k vs forecasts of 165k.

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Personal Spending Above Forecasts

08/02/2016

Treasury prices were under modest pressure overnight as yesterday’s downward momentum carried into the evening session. Overseas data was uneventful but Japanese PM Abe announced that the new fiscal stimulus program has received cabinet approval, leaving both equity and bond markets in negative territory.

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Treasury Prices Move Lower

08/01/2016

Treasury prices moved lower overnight as overseas comments from NY Fed President Dudley indicated the Fed may move at a faster pace than current futures pricing implies if inflation or employment data validates his view. In terms of overnight data, a slew of mixed PMI data from Asia and Europe gave investors little direction.

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Second Quarter GDP Below Expectations

07/29/2016

Treasury prices were relatively flat this morning after retracing losses overnight that were prompted by investor disappointment in the BOJ stimulus program. The overnight announcement did indicate an increase in monetary easing but the overall scope of the announcement failed to meet investor hopes.

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Jobless Claims Higher Than Expected

07/28/2016

Treasury prices edged slightly lower overnight, giving back a bit of yesterday’s late afternoon rally. Data from overseas was fairly uneventful but the US economic calendar remains active today with data on employment and international trade.

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MBA Mortgage Applications Dip

07/27/2016

Treasury prices moved slightly higher overnight despite better than expected data from Europe and a surprise announcement from Japanese PM Abe that the new stimulus program will be larger than $28T Yen. The size was above most expectations but the announcement was short on details, leaving investors waiting for Friday’s announcement.

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Treasury Prices Move Higher

07/26/2016

Treasury prices moved higher overnight after comments from Japan’s Finance Minister indicated the stimulus package may not be quite as robust as investors were expecting. Oversea data was light but today’s US economic calendar is relatively busy with reports on housing, consumer confidence and manufacturing.

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ECB Leaves Rates Unchanged

07/25/2016

Treasury prices edged lower overnight as worse than expected data from overseas was offset by reports that Japan is preparing a larger than expected stimulus package. Meanwhile, the ECB left rates unchanged this morning and comments from the Bank of England indicated it may wait to raise rates until hard data is presented showing the impact of Brexit.

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Treasury Prices Move Lower

07/22/2016

Treasury prices moved modestly lower overnight as mostly better than expected data from Europe is helping boost equity markets. This week’s tame US economic calendar ends quietly today with a lone report on Manufacturing PMI.

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Japan Preparing Larger Than Expected Stimulus Package

07/21/2016

Treasury prices edged lower overnight as worse than expected data from overseas was offset by reports that Japan is preparing a larger than expected stimulus package.

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Weekly Mortgage Applications Dip Slightly

07/20/2016

Treasury prices edged lower overnight after a fairly quiet session that includes some better than expected data from Europe that helped equities tick higher. Today’s US economic calendar is sleepy once again with data on Petroleum Inventories and Mortgage Applications.

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Overseas Data Drives Global Equity Markets

07/12/2016

Treasury prices moved lower overnight as the flight to quality bid continued to unwind. Overseas data was light but expectations of additional stimulus from Japan and the UK continued to fuel global equity markets.

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Treasury Prices Move Lower

07/11/2016

Treasury prices moved lower overnight as softer than expected data from overseas was offset by Japan’s election results that provide PM Abe with a supermajority and increases the probability of additional stimulus programs.

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Payrolls Jump Above Forecasts

07/08/2016

Treasury prices edged lower overnight as investors were mostly sidelined ahead of today’s payroll data. The results of which were much better than expected as payrolls jumped by 287k vs consensus forecasts of 180k. The previous month’s levels were revised lower to +11k from +38k, but the impact of the Verizon strike likely played a major role.

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British Pound Stabilizes

07/07/2016

Treasury prices edged lower overnight as equity markets and the British Pound stabilized late yesterday. Overseas data was softer than expected but the US is offering up more encouraging data this morning.

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Mortgage Applications Surge

07/06/2016

Treasury prices moved higher again overnight as two more asset managers have frozen withdrawals from UK real estate funds and a slew of soft data from Europe have investors on the defensive once again. The yield on the 10yr continues to test new historic lows as it touched 1.33% overnight.

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Brexit Woes Continue

07/05/2016

Treasury prices surged higher overnight as Brexit woes continue to plague the pound and fuel the flight to quality bid. Global equity and commodity prices are lower and headlines indicate growing fear of an Italian referendum vote later in the year.

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Treasury Prices Hit Record Lows

07/01/2016

Early MBS market closure today (11:00 AM PST). Treasury prices moved higher overnight to record lows as forecasters speculated on the impact of Brexit on the global economy.

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Jobless Claims In-line With Expectations

06/30/2016

Treasury prices edged higher overnight as yesterday’s selloff lost momentum in the overnight session amidst quarter end activity. Overseas data was mixed as better than expected results on inflation from Europe were offset by disappointing data from Japan.

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Markets Settle After Brexit Vote

06/29/2016

Treasury prices were mostly unchanged overnight as markets continue to settle down in the wake of last week’s Brexit vote. Overseas data from Europe was better than expected but investors are shrugging it off as stale. Today’s US economic calendar remains active with data on income/spending and housing.

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GDP Price Index Softer Than Expected

06/28/2016

Treasury prices moved modestly lower overnight as the Brexit induced flight to quality bid finally seems to be plateauing. Overseas data was mostly better than expected however it’s being overlooked given recent events.

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Treasury Prices Continue To Surge

06/27/2016

Treasury prices surged once again overnight as questions continue to pile up about if, when and how Brexit will actually occur. The uncertainty has the flight to quality bid pushing the yield on the 10yr below 1.49% as markets are still in chaos.

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UK Votes To Leave EU

06/24/2016

Treasury prices skyrocketed overnight as the UK voted to leave the EU and Prime Minister David Cameron announced his resignation in the aftermath. Global equity markets have been slammed and the pound hit the lowest levels since 1985 as many investors seemed to be caught off guard by the results.

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Jobless Claims Down

06/23/2016

Treasury prices are off this morning with the initial claims below expectations and down 19k week over week, signaling strength in the labor market. Janet Yellen finished up her semi-annual testimony yesterday stating the economy remains on a healthy trajectory and gradual rate hikes are still likely.

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Refinances Surge

06/22/2016

Treasury prices are slightly higher this morning with the market in a wait and see mode as Janet Yellen completes her semi-annual testimony today.

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Treasury Prices Edge Higher

06/21/2016

Treasury prices edged slightly higher overnight as yesterday’s selloff paused overnight. Investors remain focused on Thursday’s UK referendum vote on EU membership. The last few days of polls showed a momentum shift away from a Brexit but there still does not appear to any certainty about the outcome.

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Monday Market News

06/20/2016

Treasury prices dropped overnight as the latest polls give a slight edge to the UK remaining in the European Union. Overseas data was uneventful and the US economic calendar gets off to a slow start to the week, as well.

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Housing Starts Strong in May

06/17/2016

Treasury prices are off slightly this morning with a pretty light day on the economic calendar to finish off the week. Housing starts had a strong showing in May though Permits were softer than expected.

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Jobless Claims Uptick

06/16/2016

Treasury prices are up slightly following this morning’s economic data which showed headline CPI slightly below forecast, Core CPI as forecasted and Jobless Claims with an uptick week over week and 7K higher than consensus.

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Fed Not Expected To Announce Rate Increase

06/15/2016

Treasury prices backtracked modestly overnight as the recent rally finally lost momentum. Overseas data was uneventful but the US economic calendar hits full stride today with a slew of activity throughout the day.

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UK Likely To Leave European Union

06/14/2016

Treasury prices continued to move higher overnight as better than expected data from overseas was overshadowed by polls that show increasing likelihood that the UK will leave the European Union. After a quiet day yesterday, the US economic calendar picks up the pace with data on Retail Sales and Import Export Prices.

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Treasury Prices Move Higher

06/13/2016

Treasury prices moved modestly higher again overnight as the flight to quality bid persists with the uncertainty surrounding a potential Brexit. Overseas data was mixed and the US economic calendar gets off to a slow start today to a busy week of data.

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Treasury Prices Continue Up

06/10/2016

Treasury prices continued to move higher overnight as last week’s weak NFP report and Yellen’s comments are still reverberating with investors. The US economic calendar ends a quiet week of activity with another tranquil day.

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Weekly Jobless Claims Dip

06/09/2016

Treasuries caught a bid overnight as weaker than expected data on Chinese CPI and Brexit fears helped give prices a lift. The US economic calendar continues its leisurely pace this week with a lone report on Weekly Jobless Claims.

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MBA Mortgage Applications Surge

06/08/2016

Treasury prices are mostly unchanged this morning as a mix of data from Asia and Europe failed to provide clear direction. Today’s US economic calendar includes a smattering of data on employment, mortgage applications and petroleum inventories this morning as well as a 10yr note auction this afternoon.

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Unit Labor Costs Up

06/07/2016

Treasury prices were mostly unchanged overnight as better than expected data from overseas had little impact on treasuries as investors shifted focus to the July FOMC meeting in response to Yellen's comments yesterday afternoon.

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Treasury Prices Edge Lower

06/06/2016

Treasury prices edged lower overnight as profit taking returned a portion of Friday’s NFP inspired gains. Overseas data was light but an early morning appearance in Europe by Boston Fed President Rosengren acknowledged the disappointing employment report but also indicated time will tell if this was just an anomaly.

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Unemployment Rate Drops

06/03/2016

Treasury prices edged slightly higher overnight as investors were mostly sidelined ahead of today’s employment data. The results were disappointing as a 38k increase in payrolls was well below consensus estimates of 158k.

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Weekly Jobless Claims As Expected

06/02/2016

Treasury prices were mostly unchanged overnight as limited data left investors sidelined ahead of the ECB meeting, which as widely expected, left rates unchanged.

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Weekly MBA Mortgage Applications Dip

06/01/2016

Treasury prices continued to move higher overnight as yesterday afternoon’s momentum carried into the overnight session. A slew of PMI data from overseas was mixed as Asia was in line with estimates but Eurozone PMIs point towards continued weakness.

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Personal Income Report Meets Expectations

05/31/2016

Treasury prices were under pressure overnight as Friday afternoon’s downward momentum carried into the weekend. Overseas data was mixed and the reviews of Janet Yellen’s appearance indicate that a June rate increase is still on the table.

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Treasury Prices Remain Unchanged

05/27/2016

Treasury prices were mostly unchanged overnight after a handful of overseas reports did little to sway markets. Today’s US economic calendar has a few of moving parts including a report on GDP, a SIFMA recommended early market close and a scheduled appearance by Fed Chair Janet Yellen just in front of that early close.

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Jobless Claims Better Than Expected

05/26/2016

Treasury prices are modestly higher this morning after an uneventful overnight session. The US economic calendar has its busiest day of the week with data on employment, manufacturing and housing. Headline Durable Goods Orders for April jumped 3.4% vs expectations of a more muted 0.3% increase, however the core level was in line with forecasts of a +0.4% increase.

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MBA Mortgage Applications Rebound

05/25/2016

Treasury prices edged lower overnight as rising equity and oil prices coupled with better than expected data from Europe have had a limited impact on treasuries. The US economic calendar is somewhat active once again today with reports on International Trade, Mortgage Applications and Petroleum Inventories.

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Treasury Prices Edge Lower

05/24/2016

Treasury prices edged lower overnight as another round of mixed data from Europe had little impact on markets. Data on today’s US economic calendar is limited to a lone report of New Home Sales, which is due out at 10AM ET.

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Monday Market News

05/23/2016

Treasury prices edged slightly higher over the weekend as mixed results on PMI data from Europe gave investors little direction. This week’s US economic calendar includes a fairly steady diet of reports throughout the week.

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Treasury Prices Mostly Unchanged

05/20/2016

Treasury prices were mostly unchanged after a fairly uneventful overnight session. This week’s active US economic calendar ends with a lone report on Existing Home Sales at 10AM ET.

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Fed Indicates June Rate Hike Possible

05/19/2016

Treasury prices edged lower overnight as investors continue to adjust expectations based on numerous Fed indications that a June rate hike remains in play. Overseas data was mixed but mostly benign. The US economic calendar has been active this morning with data on employment and manufacturing.

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Weekly MBA Mortgage Applications Decrease

05/18/2016

Treasury prices moved lower overnight after firm data on Japan’s GDP helped continue yesterday’s downward momentum in treasuries. Today’s US economic calendar remains active with data on petroleum inventories and the afternoon release of the FOMC meeting minutes.

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Housing Starts Gain More Than Expected

05/17/2016

Treasury prices edged lower overnight after mixed data from Asia and Europe gave investors little guidance. The US economic calendar heats up today with data on housing, inflation and manufacturing.

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Empire State Manufacturing Moves to Negative Territory

05/16/2016

Treasury prices were modestly lower over the weekend despite softer than expected data from China. Oil appears to be the culprit pushing treasuries lower as supply concerns have oil prices at the highs for the year.

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Retail Sales Surge

05/13/2016

Treasury prices moved higher overnight as weaker than expected data from Asia and Europe prompted the move. This week’s slow US economic calendar ends with a pop today with data on retail sales, inflation and consumer confidence.

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Jobless Claims Increase Unexpectedly

05/12/2016

Treasury prices were under pressure overnight as equity prices rebounded from yesterday’s selloff. Overseas data was mixed and the US economic calendar picks up the pace today with data on employment and inflation and it also includes several Fed appearances.

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MBA Mortgage Applications Tick Upwards

05/11/2016

Treasury prices were mostly unchanged overnight with little in the way of economic data to steer trading. The US economic calendar continues its leisurely pace this week with data on US mortgage applications and US petroleum inventories.

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Treasury Prices Edge Lower

05/10/2016

Treasury prices edged slightly lower overnight as better than expected data from China was mostly offset by softer than expected results from Europe.

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Treasury Prices Edge Higher

05/09/2016

Treasury prices edged slightly higher overnight despite gains in both global equity and oil prices. Overseas data was uneventful but changes in the Saudi Oil Ministry gave oil a boost.

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Payroll Growth Lags Behind Expectations

05/06/2016

Treasury prices hovered near unchanged overnight as investors readied themselves for today’s payroll report. Overseas data was uneventful and today’s US economic calendar is concentrated into this single employment report. The results were softer than expected as payroll growth of 160k lagged forecasts of 200k.

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Weekly Jobless Claims

05/05/2016

Treasury prices were under modest pressure overnight as oil and equity markets rebounded. Overseas data was light and the US economic calendar is limited to some Fedspeak and the Weekly Jobless Claims report.

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Cruz Exits Primary Race

05/04/2016

Treasury prices were mostly unchanged overnight as benign data was overshadowed by the news of Trump’s win in Indiana and the exit of Cruz from the primary race. Today’s US economic calendar is busy with a slew of data due to be released this morning.

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Treasury Prices Rebound

05/03/2016

Treasury prices rebounded sharply overnight as weaker than expected PMI data from China and a surprise rate cut from the Reserve Bank of Australia have combined to push prices higher.

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Monday Market News

05/02/2016

Treasury prices moved higher overnight as last Friday’s upward momentum carried into the weekend. However, better than expected PMI data from the EU did temper the gains. This week’s US economic calendar is fairly robust with data spread throughout the week.

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Consumer Spending Below Expectations

04/29/2016

Treasury prices moved modestly lower overnight as better than expected economic data from Europe reversed a portion of yesterday afternoon’s gain. Today’s US economic calendar is busy with a smattering of data on inflation, employment and consumer confidence.

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Weekly Jobless Claims

04/28/2016

Treasury prices continued to move higher overnight as yesterday’s upward momentum from the FOMC was aided by unexpected news that the BOJ will not add additional stimulus.

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MBA Mortgage Applications Dip

04/27/2016

Treasury prices are slightly higher this morning following another quiet overnight session ahead of the Fed’s decision. MBA applications were off 4.1% week over week with Purchases down 2.0% and Refis falling 5.0%.

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Durable Goods Orders Increase Less Than Expected

04/26/2016

Treasury prices were mostly unchanged overnight after a quiet overseas session that lacked any notable activity. The US economic calendar does pick up the pace today with a handful of reports as well as the beginning of the FOMC’s two day meeting.

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Treasury Prices Modestly Higher

04/25/2016

Treasury prices moved modestly higher overnight after a fairly quiet session that saw mixed data from overseas. The US economic calendar starts the week with midmorning releases of the March New Home Sales Report and Dallas Fed Manufacturing Survey at 10AM and 10:30AM ET.

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Treasury Prices Unchanged

04/22/2016

Treasury prices were mostly unchanged overnight after a fairly quiet session that included mixed results on PMI data from Europe. The US economic calendar winds down the week with a lone report on manufacturing.

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Weekly Jobless Claims Dip

04/21/2016

Treasury prices moved lower overnight as uneventful overseas data did little to stem yesterday’s downward momentum. As most economists had expected, the ECB announced early this morning that it will keep its key benchmark rate unchanged at zero.

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Weekly Mortgage Applications Increase Slightly

04/20/2016

Treasury prices moved higher overnight as softer than expected data from Europe and the announced end to the Kuwaiti oil workers strike had both oil and overseas equity markets under modest pressure.

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Housing Starts Dip

04/19/2016

Treasury prices edged lower overnight as oil and equity markets continued to rebound from early losses on Monday. Overseas data was limited to the ZEW Survey, which posted better than expected results from the EU, especially Germany.

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Treasury Prices Edge Higher

04/18/2016

Treasury prices edged higher over the weekend as Doha talks failed to produce oil production cuts, which sent oil prices lower. The US economic calendar is fairly calm this week with only a few noteworthy reports sprinkled throughout the week.

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Empire State Manufacturing Well Above Forecasts

04/15/2016

Treasury prices moved higher overnight as equity and oil markets retreated in spite of better than expected data from China. The US economic calendar ends the week with a trio of noteworthy report.

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Weekly Jobless Claims Improve

04/14/2016

Treasury prices drifted lower overnight after an uneventful trading session. Overseas data from the EU showed benign inflation that was in line with expectations. Today’s US economic calendar includes both inflation and employment data.

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MBA Mortgage Applications Surge

04/13/2016

Treasury prices moved modestly lower overnight as better than expected Chinese Trade Data provided a boost for global equity markets. Today’s US economic calendar heats up today with data on Retail Sales, PPI and Oil Inventories. The data has been disappointing thus far as both the Retail Sales Report and PPI were below expectations.

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Import Prices Improve Slightly

04/12/2016

Treasury prices were under pressure overnight after better than expected CPI data from the UK provided a lift to oil and equity markets. Today’s US economic calendar includes a mix of data and Fedspeak.

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Treasury Prices Edge Lower

04/11/2016

Treasury prices edged slightly lower overnight as hopes of bank reform in Europe and better than expected data from China helped push equities higher. The US economic calendar gets off to a tranquil start this week with no releases scheduled.

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Overseas Data Mixed

04/08/2016

Treasury prices moved lower overnight in response to an uptick in global equity prices. Overseas data was mixed but softer than expected and an overnight appearance from Janet Yellen was interpreted as having a less dovish tone than her comments from recent weeks.

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Treasury Prices Move Higher

04/07/2016

Treasury prices moved higher overnight and erased yesterday’s losses after comments from Japan and Europe indicated that additional stimulus may be necessary to battle deflation.

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MBA Mortgage Applications Increase

04/06/2016

Treasury prices moved lower overnight as supply pressure and better than expected data from Asia and Europe weighed on fixed income markets. The US economic calendar includes a couple of notable releases today in the form of EIA Petroleum Status Report and the FOMC Meeting Minutes.

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Treasury Prices Move Higher

04/05/2016

Treasury prices moved higher overnight as softer than expected data from Europe and overnight dovish comments from the Fed pressured equity markets lower.

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Treasury Prices Up

04/04/2016

Treasury prices are slightly higher this morning after a fairly uneventful weekend of activity. Overseas data was benign and China and Hong Kong were closed for holiday.

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March Employment Data Shows No Surprises

04/01/2016

Treasury prices have edged lower this morning following the release of March employment data which yielded no surprises. With the numbers coming in just about as forecast, market participants have little reason to adjust their FOMC views following Yellen’s dovish comments earlier this week.

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Jobless Claims Higher Than Expected

03/31/2016

Treasury prices are flat this morning with a light economic calendar ahead of tomorrow’s employment report.

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Weekly MBA Purchase Applications Up

03/30/2016

Treasury prices have eased this morning following yesterday’s strong rally which was sparked by dovish comments from Fed chair Yellen. ADP’s employment report came in just ahead of consensus

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Oil Prices Dip

03/29/2016

Treasury prices moved higher this morning as a flight to quality bid emerged on the back of a dip in oil prices. Oil prices are extending their recent sell-off, now down more than 5% in the last 4 trading sessions.

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Personal Income Increases Slightly

03/28/2016

Treasury prices edged slightly lower this weekend as traders returned from the Easter holiday. There was little news over the weekend but analysts are pointing to comments from SF Fed President John Williams, who mentioned international economic developments and their impact on the dollar and thereby on domestic inflation forecasts.

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Weekly Jobless Claims In Line With Expectations

03/24/2016

Treasury prices edged slightly higher overnight as a mix of lower oil prices and mostly softer than expected economic data helped create a slight bid. The US economic calendar plods along today with reports on employment and manufacturing.

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MBA Mortgage Applications Dip

03/23/2016

Treasury prices edged higher overnight in response to the familiar theme of lower oil and equity prices. Overseas economic data was limited but the US calendar includes a couple noteworthy reports today.

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Treasury Prices Edge Higher

03/22/2016

Treasury prices edged higher overnight as headlines of the terrorist attacks in Brussels overshadowed a slew of mixed economic data from overseas. The US economic calendar is somewhat busy today and includes a mix of mid-tier data and Fedspeak.

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Monday Market News

03/21/2016

Treasury prices were mostly unchanged this morning ahead of a holiday shortened trading week. Overseas data was light but a hawkish overnight appearance from Richmond Fed President Lacker created some headlines as he indicated confidence that inflation will return to the Fed’s 2% target.

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Treasury Prices Edge Higher

03/18/2016

Treasury prices edged higher overnight as investors continue to adjust to the FOMC’s latest rate path guidance. Despite gains in oil and equity markets, treasuries have been well supported.

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Housing Starts Rise

03/17/2016

Treasury prices edged higher overnight as limited overseas data left investors waiting for today’s busy US calendar. This morning brings a heavy dose of data on inflation, housing and manufacturing followed by the FOMC Meeting Announcement and Fed Chair Press Conference this afternoon.

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Jobless Claims Better Than Expected

03/16/2016

Treasury prices continued to move higher overnight as yesterday’s dovish tone to the FOMC resonated. Overseas data was uneventful but today’s US economic calendar includes a couple of noteworthy reports.

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Retail Sales In Line With Expectations

03/15/2016

Treasury prices moved higher overnight as global equity markets pulled back after Japan announced it will maintain current monetary policy, which was widely expected. Data was limited to mixed PMI reports from Europe, but the US economic calendar picks up the pace today with data on Retail Sales, PPI and the Empire State Manufacturing.

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Oil Prices Lower

03/14/2016

Treasury prices moved modestly higher overnight as disappointing data from China overshadowed firm data from Japan and Europe. Lower oil prices also helped create a fixed income bid as Iran announced plans to increase oil production. Today’s US economic calendar gets off to a slow start to a very busy week of activity.

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Treasury Prices Choppy Overnight

03/11/2016

Treasury prices were choppy overnight as yesterday’s downward momentum applied early pressure. However, prices have since rallied to unchanged in response to a pullback in equity markets.

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Jobless Claims Dip Lower

03/10/2016

Treasury prices edged higher overnight as a slew of economic data took a backseat to investors awaiting the ECB announcement. Draghi did not disappoint as a series of changes were announced, which included rate cuts and expanding the magnitude of bond purchases and the scope to include corporate debt.

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MBA Mortgage Applications Inch Slightly Higher

03/09/2016

Treasury prices reversed course overnight as yesterday’s sharp rally in Japanese government bonds was short lived. Overseas data was uneventful and the familiar theme of higher equity prices applied the pressure to fixed income markets.

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Exports Plunge In China

03/08/2016

Treasury prices surged overnight after disappointing data from China showed exports plunged 25.4% y/y in February. Better than expected data from Japan and Europe was overlooked as this was China’s largest drop in almost 7 years.

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Monday Market News

03/07/2016

Treasury prices drifted lower overnight as after a fairly uneventful round of overseas data. This week’s US economic calendar is muted with little in the way of significant data on the schedule.

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Nonfarm Payrolls Increase

03/04/2016

Treasury prices were mostly unchanged overnight as overseas data did little ahead of today’s Nonfarm Payroll Report. The results of which were stronger than expected as payrolls increased 242k vs forecasts of 190k.

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Treasury Prices Edge Lower

03/03/2016

Treasury prices edged lower overnight with markets settling in prior to tomorrow’s employment report. No surprises this morning with Jobless Claims though we still have Durables and ISM Non-manufacturing releases later this morning.

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MBA Mortgage Applications Dip

03/02/2016

Treasury prices continued to grind lower overnight as yesterday’s surge in global equity markets has the flight to quality bid under pressure. Today’s US economic calendar includes a broad mix of data and a bit of Fedspeak.

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EU Unemployment Dips

03/01/2016

Treasury prices are slightly lower this morning after a mixed session that started off with softer than expected PMI data from China, which was offset by a surprise dip in EU unemployment.

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Treasury Prices Edge Higher

02/29/2016

Treasury prices edged higher over the weekend as concerns of slowing economic growth in China were essentially confirmed by the Peoples Bank of China’s announcement to cut its reserve rate by 50 bps.

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4th Quarter GDP Increases More Than Expected

02/26/2016

Treasury prices were lower overnight as the mixed but modestly better than expected data from overseas created a bid for equities. The US economic calendar ends the week with a slew of data, as well as some Fedspeak.

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Durable Goods Surge

02/25/2016

Treasury prices moved modestly higher overnight after a fairly uneventful overseas session. Today’s US economic calendar is active once again with data on manufacturing and employment.

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Treasury Prices Move Higher

02/24/2016

Treasury prices carried upward momentum into the overnight session as lower oil prices helped support a fixed income bid. Overseas data was light but comments by Saudi Arabia indicating it will not be cutting oil production have applied the downward pressure to oil.

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Today's Market News

02/23/2016

Treasury prices leaked lower overnight despite a similar move in global equity prices and disappointing data from Europe. The US economic calendar picks up the pace today with data on housing and consumer confidence.

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Treasury Prices Move Lower

02/22/2016

Treasury prices moved modestly lower overnight as rallying oil and equity prices applied the pressure. Overseas PMI Manufacturing data was softer than expected from both Asia and the EU.

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January CPI Report Stronger Than Expected

02/19/2016

Treasury prices were mostly unchanged overnight as mixed data from overseas left yesterday’s gains intact. The US economic calendar ends the week with a lone report on inflation. The Jan CPI report was stronger than expected as both headline and core levels were above forecasts.

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Weekly Jobless Claims Improve

02/18/2016

Treasury prices are mostly unchanged this morning as softer than expected data from Asia helped curb the recent slide. The US economic calendar remains active today with data on employment and manufacturing.

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Housing Starts Dipped In January

02/17/2016

Treasury prices drifted lower again overnight as last week’s flight to quality bid continues to slowly unwind. Today’s US economic calendar is the most active of the week with a slew of data set to be released on housing, manufacturing and inflation.

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Empire State Manufacturing Survey Lower Than Expected

02/16/2016

Treasury prices moved modestly lower over the long holiday weekend despite mostly softer than expected data from overseas. Beyond data, an agreement to freeze oil production levels for Saudi Arabia, Russia, Qatar and Venezuela was announced but the details around participation requirements for other nations could compromise the effectiveness.

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January Retail Sales In-line With Expectations

02/12/2016

Treasury prices took a bit of a breather overnight after a tumultuous week of volatility. Prices drifted lower despite overseas data that was mixed but biased towards the softer side. The US economic calendar is fairly busy today with data on inflation and consumer sentiment. January Retail Sales were in-line with expectations of a headline increase of +0.2% and 0.1% on the core level.

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Global Equities Tumble

02/11/2016

Treasury prices surged higher overnight as the flight to quality bid reached new extremes. Global equity markets tumbled overnight as disappointing earnings and EU bank woes continued.

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Refinance Activity Surges

02/10/2016

Treasury prices moved lower overnight as equities rebounded modestly off recent lows. Today’s economic activity will likely be focused on Fed Chair Janet Yellen’s testimony before Congress.

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Japanese Stocks Hit Hard

02/09/2016

Treasury prices are higher this morning after a volatile overnight session with global equity markets remaining under pressure. Specifically, Japanese stocks were hit hard, which helped the US 10yr yield dip temporarily down to 1.68%.

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Treasury Prices Move Higher

02/08/2016

Treasury prices moved higher overnight after receiving a familiar boost in the form of a selloff in global equities and oil. Overseas data was limited but on the softer side and the US economic calendar starts off the week with a quiet day as well.

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Unemployment Rate Dips

02/05/2016

Treasury prices were mostly unchanged overnight as investors were sidelines ahead of today’s NF Payroll Report. The results were mixed as softer than expected payroll growth was offset by a dip in the unemployment rate.

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Weekly Jobless Claims Tick Up

02/04/2016

Treasury prices edged lower overnight in response to an uptick in equities and oil. The Bank of England kept rates unchanged and overseas data was mixed, all of which investors seemed to glance over.

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Employment Report Shows Improvement

02/03/2016

Treasuries gave back a portion of yesterday’s gains as equity and oil prices stabilized overnight. Mixed data from overseas once again gave little direction. The US economic calendar is somewhat busy today with data on employment, oil and services.

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Oil Prices Lower

02/02/2016

Treasury prices rebounded overnight as the familiar theme of lower oil and equity prices prompted the increase. Overseas data was mixed and did little to provide direction to markets.

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Monday Market News

02/01/2016

Treasury prices are starting off February slightly lower as a mix of overseas data did little to provide direction. With month end buying needs past, investors will look to this week’s key data points to gauge the likelihood of additional Fed action.

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GDP Softer Than Expected

01/29/2016

Treasury prices surged overnight after a surprise move by the Bank of Japan to cut its interest rate on excess reserves to -0.1%. The move prompted a broad rally overnight in oil, equities and fixed income markets. Meanwhile, overseas data from Asia and Europe was mostly disappointing, lending further support to lower yields.

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Weekly Jobless Claims Decline

01/28/2016

Treasury prices were mostly unchanged overnight as mixed data and a modest increase in US equities gave little direction to fixed income. The US economic calendar has been busy this morning with data on employment and manufacturing.

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Rates Expected to Stay Unchanged

01/27/2016

Treasury prices were under modest pressure overnight despite a dip in oil and global equity markets. Today’s focus will be squarely on the conclusion of the 2-day FOMC Meeting.

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Oil And Equity Markets Rebound

01/26/2016

Treasury prices initially moved higher overnight in response to another selloff in Chinese equities. However, treasury prices have since flattened out this morning after oil and equity markets rebounded.

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Treasury Prices Move Higher

01/25/2016

Treasury prices are modestly higher this morning as much of the east coast begins to emerge from the record breaking weekend storm. Overseas data was on the softer side and an announcement by the Saudis about expanding capacity has oil prices under pressure.

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Treasury Prices Move Lower

01/22/2016

Treasury prices moved lower overnight as the rebound in oil and equity markets have the flight to quality bid under pressure. The US economic calendar ends the week with data on manufacturing and housing. The PMI Manufacturing Index Flash starts off the day at 9:45AM ET and is followed shortly thereafter by December Existing Home Sales at 10AM.

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Weekly Jobless Claims Increase

01/21/2016

Treasury prices edged higher overnight as the flight to quality bid continues to dominate markets. Overseas data was limited overnight but the ECB announced that it left its key interest rates unchanged with slumping oil and the economic slowdown in China continuing to fuel growth concerns.

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Refinances Surge

01/20/2016

Treasury prices are higher this morning supported by softer than expected CPI data. Also in the news this morning, the MBA’s mortgage application index gained 9% week-over-week, with Refis surging 19% and purchases off 2% while housing starts came in about 50K below the consensus estimate, down 2.5% versus last month.

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Oil Prices Rebound

01/19/2016

Treasury prices were lower over the long holiday weekend despite slightly disappointing GDP and manufacturing data from China. Global equity and oil prices rebounded from Friday’s steep losses as the data showed that the slowdown may not be quite as bad as feared.

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December Retail Sales Disappoint

01/15/2016

Treasury prices surged higher overnight as the dynamic of lower equity and oil prices continued to support the flight to quality bid. The 10yr yield is now flirting with the 2.00% threshold and today’s US economic calendar is lending further support. December Retail Sales were disappointing on both a headline and core level as both showed a -0.1% dip vs estimates of unchanged and +0.2%, respectively.

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Jobless Claims Slightly Higher Than Expected

01/14/2016

Treasury prices moved higher overnight as disappointing data from Europe and Asia, as well as slumping equity markets continue to boost demand for fixed income. Today's US economic calendar includes a mix of data and Fedspeak.

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Mortgage Applications Surge 21%

01/13/2016

Treasury prices are off slightly this morning with a light economic calendar scheduled. The MBA Mortgage Applications index rebounded this week, surging 21% with refis up 24% and purchases up 18%.

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Treasury Prices Slightly Lower

01/12/2016

Treasury prices are slightly lower this morning as global equity markets recovered lost ground in the overnight session. With limited data on the US economic calendar, fixed income continues to be influenced by equity market and crude oil volatility.

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Oil Prices Continue to Slump

01/11/2016

Treasury prices were under pressure overnight even as global equities and oil prices continued to slump. Overseas data was uneventful and the US economic calendar gets off to a slow start this week, as well.

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Unemployment Remains Unchanged

01/08/2016

There was little net reaction to today's Employment report. Against a consensus forecast of 200K, the economy added 292K jobs in December. Upward revisions to prior months added another 50K.

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Crude Oil Price Drops

01/07/2016

Treasury prices moved modestly higher overnight as another sharp drop in Chinese equities has prolonged the flight to quality bid. Crude oil prices have hit their lowest level in over a dozen years and global equity prices are under pressure as well.

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Employment Report Stronger Than Expected

01/06/2016

Treasury prices carried upward momentum into the overnight session and were aided by softer than expected inflation data from China, declining oil prices and North Korea’s disputed claim of a successful H-Bomb test.

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Treasury Prices Edge Higher

01/05/2016

Treasury prices edged higher overnight as global equity markets remained on the defensive. Inflation data from Europe was softer than expected, which help support a fixed income bid.

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Dramatic Start to 2016

01/04/2016

In a dramatic start to 2016, treasury prices surged higher overnight after a steep equity market selloff in China prompted a flight to quality bid. A Chinese report showing an unexpected drop in manufacturing was the catalyst of the selloff, which resulted in a temporary halt of trading and an overall 7% drop in Shanghai.

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Jobless Claims Increase

12/31/2015

Treasury prices edged modestly higher overnight as slumping oil and equity prices helped create a bid. The US economic calendar ends the week with the Weekly Jobless Claims Report followed by Chicago PMI at 9:45AM ET.

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Treasury Prices Initially Recover

12/30/2015

Treasury prices initially recovered overnight after yesterday’s selloff; however, the recovery lost momentum this morning heading into the open.

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Oil Prices Recover Ground

12/29/2015

Treasury prices were under modest pressure overnight after equity and oil prices began to recover from a two day slide.

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Disappointing Chinese Manufacturing Data

12/28/2015

Treasury prices hovered near unchanged after a fairly uneventful long holiday weekend. Disappointing manufacturing data from China had global equity markets under modest pressure overnight however treasury prices continued to grind sideways.

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Weekly Jobless Claims Better Than Expected

12/24/2015

Treasury prices edged slightly lower overnight despite modest weakness in global equity markets. The US economic calendar ends the holiday shortened trading week with data on US employment.

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Mortgage Applications Spike Higher

12/23/2015

Treasury prices edged lower overnight as the uptick in oil and equity prices has applied modest pressure. Today’s US economic calendar is active once again with data on manufacturing, housing and consumer confidence.

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GDP In-line With Estimates

12/22/2015

Treasury prices edged lower overnight as light holiday volume and limited data made for an uneventful session. The US economic calendar heats up today with data on GDP and housing.

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Treasury Prices Mostly Unchanged

12/21/2015

Treasury prices were mostly unchanged overnight as benign overseas data left little reason for change. This week’s US economic calendar gets off to a slow start today with no data scheduled to be released.

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Treasury Prices Push Higher

12/18/2015

Treasury prices pushed higher again last night as the Bank of Japan announced additional stimulus measures that received a tepid response from equity markets.

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Weekly Jobless Claims Decline

12/17/2015

Treasury prices moved higher overnight as investors digested the FOMC statement and post announcement conference remarks from Fed Chair Janet Yellen. Overseas data was mixed and the US economic calendar remains very active today, as well.

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Housing Starts Post Better Than Expected

12/16/2015

Treasury prices drifted slightly lower overnight as better than expected data from Europe was overshadowed by the much anticipated FOMC meeting. Today’s US economic calendar is busy ahead of the 2PM ET announcement with the already released Housing Starts Report followed by Industrial Production at 9:15AM ET.

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Oil and Equity Prices Modestly Improve

12/15/2015

Treasury prices continued to move lower overnight as a modest recovery in oil and overseas equity prices have applied some pressure. This week’s US economic calendar begins in earnest today with a handful of data on the docket ahead of tomorrow’s FOMC announcement.

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Treasury Prices Edge Lower Overnight

12/14/2015

Treasury prices moved lower overnight as better than expected data from both China and Europe have applied the pressure. Today’s US economic calendar has a quiet start to a busy week of events.

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Producer Price Index Higher Than Expected

12/11/2015

Treasury prices moved higher overnight as both global equity prices and oil were under pressure. Overseas data was fairly benign but the US economic calendar has its busiest day of the week today. Thus far, the Producer Price Index was higher than expect as both the headline and core levels increased +0.3% vs estimates of 0.0% and +0.1%, respectively.

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Weekly Jobless Claims

12/10/2015

Treasury prices ended the overnight session unchanged after another uneventful round of data. Today’s US economic calendar delivers the first significant report of the week in the form of the Weekly Jobless Claims Report.

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Mortgage Applications Edge Higher

12/09/2015

Treasury prices edged slightly lower overnight as a fairly quiet session was limited to a better than expected results on CPI data from China. The US economic calendar is sleepy once again today with data limited to petroleum inventories and the Weekly MBA Mortgage Applications Index.

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Treasury Prices Edge Lower

12/07/2015

Treasury prices edged lower over the weekend as the dust settled on last week’s volatile response to Thursday’s disappointing ECB announcement and modest recovery on Friday.

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Rates Stabilize Overnight

12/04/2015

Rates have stabilized overnight following Janet Yellen's testimony and an accommodative move by ECB yesterday which led to widespread selloff.

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European Central Bank Cuts Rates

12/03/2015

This morning, the European Central Bank (ECB) announced additional stimulus measures, but the package was smaller than expected. The ECB cut rates and will extend its bond purchase program until at least March 2017 (from its original end date of September 2016), but the quantity of monthly purchases will remain at $60 billion euros.

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Employment Report Increases 217,000

12/02/2015

Treasury prices gave back some of yesterday afternoon's gains despite softer than expected inflation data from the EU. The US economic calendar remains active today with data on employment and inflation as well as two appearances from Fed Chair Janet Yellen. Thus far, the data has been stronger than anticipated as the ADP Employment Report posted a 217k increase in payrolls vs forecasts of 183k.

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Market News

12/01/2015

Treasury prices retraced some of yesterday's gains as mixed but mostly better than expected data from Europe pushed prices lower. Today's US economic calendar includes a mix of data on inflation and housing, as well as a bit of Fedspeak.

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Treasury Prices Drift Lower

11/30/2015

Treasury prices drifted modestly lower overnight as mixed data from overseas gave investors little direction. This week's US economic calendar starts off at a moderate pace today with a handful of mid-tier reports on US housing, inflation and manufacturing.

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Weekly Jobless Claims Better Than Expected

11/25/2015

Treasury prices were relatively flat overnight as limited overseas data and no further escalation in tensions in the Middle East made for a tranquil session. Today's US economic calendar is robust as it includes a broad range of data on employment, housing, manufacturing and consumer confidence.

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Russian Fighter Jet Shot Down

11/24/2015

Treasury prices moved higher overnight as reports of a Russian fighter jet being shot down by Turkish military created a modest flight to quality bid. Overnight data from Europe was firmer than expected and today's US economic calendar is busy with data on GDP, housing and consumer confidence.

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Treasury Prices Under Pressure

11/23/2015

Treasury prices came under pressure as overnight inflation data from Europe was firmer than expected. This week's condensed US economic calendar is very active between now and Wednesday with key events including today's Existing Home Sales Report, tomorrow's GDP Report and Wednesday's Durable Goods Orders, Jobless Claims, Personal Income and Outlays and New Home Sales Reports.

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Treasury Prices Edge Slightly Lower

11/20/2015

Treasury prices were slightly lower overnight despite disappointing inflation data from Europe as well as dovish comments from ECP President Draghi. The US economic is free of data today.

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Weekly Jobless Claim Report As Expected

11/19/2015

Treasury prices edged slightly higher overnight as yesterday afternoon's post FOMC bid carried into the overnight session. Overseas data was on the softer side but the US economic calendar has produced some firmer than expected results.

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MBA Mortgage Applications Increase Overall

11/18/2015

Treasury prices were fairly stable overnight as the void in data from overseas left investors to focus on news of a pre-dawn raid by French authorities. The US economic calendar is active once again today with housing data in the morning followed by the FOMC meeting notes this afternoon.

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Oct Consumer Price Index In Line With Expectations

11/17/2015

Treasury prices edged lower overnight as stronger than expected data from Germany had equity prices higher and treasuries under modest pressure. Today's US economic calendar is fairly robust with data on inflation and manufacturing.

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Treasury Prices Higher This Morning

11/16/2015

Treasury prices opened slightly higher this morning as the initial flight to quality bid created by Friday's terrorist attacks faded as equity markets rebounded.

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October Retail Sales Softer Than Expected

11/13/2015

Treasury prices edged higher overnight as GDP data from Europe was mixed but mostly softer than expected. The US economic calendar ends the week with a couple of noteworthy reports on retail sales and inflation. The October Retail Sales Report was softer than expected on a headline level but the core report, less autos & gas, was in-line with expectations of a +0.3% gain.

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Jobless Claims Go Unchanged

11/12/2015

Treasury prices were mostly unchanged coming off of the Veteran's Day holiday as disappointing data from Europe did little to sway investors. Today's US economic calendar includes data on US labor as well as an overabundance of Fedspeak.

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Treasury Prices Rebound

11/10/2015

Treasury prices rebounded modestly overnight after inflation data from China was below expectations. Today's US economic calendar is limited to the October Import and Export Prices Report.

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Monday Market News

11/09/2015

Treasury prices moved lower overnight as downward momentum from Friday's payroll report was aided by hawkish comments from SF Fed President Williams over the weekend. The US economic calendar gets off to a slow start to a slow week of activity.

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Robust Increase In Payrolls

11/06/2015

Treasury prices grinded sideways overnight as investors were sidelined ahead of today's NF Payroll Report. However, prices moved sharply lower after the results showed a robust increase in payrolls of 271k vs 190k forecasts.

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Weekly Jobless Claims Edge Higher

11/05/2015

Treasury prices drifted sideways overnight as investors seemed more focused on tomorrow's payroll report rather than hawkish overnight Fedspeak and softer than expected data from Europe.

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MBA Mortgage Applications Dip Slightly

11/04/2015

Treasury prices edged slightly higher overnight as softer than expected data from Europe helped muster a modest bid. The US economic calendar has been busy thus far this morning with data on employment, international trade and mortgage applications.

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Treasury Prices Drift Modestly Lower

11/03/2015

Treasury prices drifted modestly lower overnight after an uneventful evening of data did little to curb the recent downward trend. Today's US economic calendar is the lightest of the week with the September Factory Orders Report due out at 10AM ET.

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Monday Market News

11/02/2015

Treasury prices moved lower overnight after better than expected manufacturing data from China and Europe applied the pressure. This week's US economic calendar is busy throughout the week with a healthy amount of data each day.

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Income and Spending Increase

10/30/2015

Treasury prices recovered modestly overnight on the heels of yesterday's selloff as a slew of mixed data from overseas did little to provide much direction. In terms of US economic data, today's schedule is fairly active with reports on inflation, labor and consumer confidence.

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Weekly Jobless Claims

10/29/2015

Treasury prices edged higher overnight as markets stabilized after yesterday's hawkish interpretation of the FOMC statement. With a December rate hike still on the table, investors resume gauging the pace of US economic growth with a flurry of reports this morning.

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MBA Mortgage Applications Dip Modestly

10/28/2015

Treasury prices grinded sideways overnight as a flurry of overseas data did little to shift focus away from today's FOMC decision. Most investors do not expect liftoff at today's meeting but will be looking at the statement for hints on the potential in December.

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Durable Goods Report Softer Than Expected

10/27/2015

Treasury prices drifted higher overnight as disappointing data on UK GDP was offset by news of a potential US budget deal. The US economic calendar picks up the pace today with data on manufacturing, housing and consumer confidence.

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Monday Market News

10/26/2015

Treasury prices edged higher over the weekend as limited data from overseas left investors mostly sidelined. This week's busy US economic calendar gets started with the September New Home Sales Report at 10AM, followed by the Dallas Fed Manufacturing Survey at 10:30AM. Key activity for the rest of the week includes tomorrow's Durable Goods Orders, Wednesday's FOMC Meeting Announcement.

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Weekly Jobless Claims Report Improves Modestly

10/22/2015

Treasury prices edged lower overnight as limited data left investors to focus on the European Central Bank. The decision was announced that the council left rates unchanged but Drahgi is following up in his press conference with comments that are being interpreted as dovish.

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MBA Mortgage Applications Increase 11.8%

10/21/2015

Treasury prices edged higher overnight as optimism seems to be increasing that the ECB may announce an increase to its asset purchase program or an extension to the end date.

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Housing Starts Improve

10/20/2015

Treasury prices moved modestly lower overnight as the ECB indicated that an expansion of EU stimulus program is unlikely. The US economic calendar has already delivered its lone report of the day in the form of September Housing Starts.

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Treasury Prices Drift Lower

10/19/2015

Treasury prices drifted lower over the weekend as mixed but mostly better than expected data from China weighed on prices. The US economic calendar gets off to a slow start to a slow week of data.

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Treasury Prices Mostly Unchanged

10/16/2015

Treasury prices were mostly unchanged overnight after an uneventful overseas session. This week's busy US economic calendar ends with a handful of reports, including the September Industrial Production Report at 9:15AM ET.

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Weekly Jobless Claims Improve

10/15/2015

Treasury prices grinded lower overnight as equities rebounded modestly after a quiet overnight session. The US economic calendar continues its brisk pace today with data on employment, inflation and manufacturing.

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MBA Mortgage Applications Plunge Following TRID Implemenation

10/14/2015

Treasury prices edged higher overnight after disappointing CPI data from China was coupled with softer than expected manufacturing data from Europe. The US economic calendar completed the tri-fecta of weaker than expected data as both the latest PPI and Retail Sales Reports were below estimates.

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Treasury Prices Move Higher

10/13/2015

Treasury prices moved higher over the long holiday weekend as weaker than expected economic data from both Asia and Europe pushed prices higher. The US economic calendar gets off to a slow start this week but ramps up quickly tomorrow.

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Export Prices Slide Lower

10/09/2015

Treasury prices were mostly unchanged after a fairly quiet overnight session. This morning's US economic calendar has already delivered its lone report of the day.

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Weekly Jobless Claims Report Better Than Expected

10/08/2015

Treasury prices edged higher overnight following disappointing data from Asia and Europe. Today's US economic calendar is the most robust of the week with employment data in the morning followed by the release of the FOMC Minutes in the afternoon.

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MBA Mortgage Applications Surge

10/07/2015

Treasury prices slipped overnight as rising equity markets applied the pressure. This was despite softer than expected data from Europe. The US economic calendar is tranquil today with the already released MBA Mortgage Applications Index and Petroleum Inventory reports on the docket this morning.

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Trade Gap Widens

10/06/2015

Treasury prices edged higher overnight as data from overseas was limited to a disappointing manufacturing report from Germany. Data on the US economic calendar is confined to the already released International Trade Report.

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Overseas Data Softer Than Expected

10/05/2015

Treasury prices moved lower overnight as global equities rallied and forced treasuries to give back a portion of Friday's NFP gains. Overseas data was softer than expected as Europe continues to show signs of slowing.

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Nonfarm Payrolls Increase Less Than Expected

10/02/2015

Treasury prices were mostly unchanged overnight heading into this morning's Employment Report. However, prices surged as the results were well below estimates.

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Weekly Jobless Claims Rise

10/01/2015

Treasury prices initially moved lower overnight on firm manufacturing data from China but this was short lived as prices rebounded on softer than expected data from Europe.

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Treasury Prices Drift Lower

09/29/2015

Treasury prices drifted slightly lower after a fairly quiet overnight session. Data from overseas was benign but the US economic calendar provides a couple of mid-tier reports today. The S&P Case-Shiller HPI is due out at 9AM ET followed by Consumer Confidence at 10AM.

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Personal Income And Outlays Report As Expected

09/28/2015

Treasury prices edged higher over the weekend as global equity markets slumped on softer than expected data from China. This week's US economic calendar is very active and includes a number of meaningful reports as well as plethora of Fedspeak.

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Fed In Favor Of Rate Increase This Year

09/25/2015

Treasury prices fell overnight as Fed Chair Yellen's appearance reinforced the message that the Fed is still in favor of raising rates this year. The speech last evening seemed to make up for the overly dovish interpretation of last week's FOMC announcement. Investors will get another dose of Fedspeak today as there are a couple of planned Fed appearances on the docket this morning.

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Weekly Jobless Claims Better Than Expected

09/24/2015

Treasury prices edged higher overnight after an assortment of overseas reports produced mixed results. The US economic calendar heats up today with data on manufacturing and employment, as well as a late day appearance by Fed Chair Janet Yellen.

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MBA Mortgage Applications Surge Higher

09/23/2015

Treasury prices initially moved higher overnight after disappointing manufacturing data from China created a bid. However, equities rebounded in Europe, which left treasuries slightly lower on the night.

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Treasury Prices Push Higher

09/22/2015

Treasury prices pushed higher overnight as slumping global equity markets helped provide a lift for treasuries. Overseas data was nonexistent and the US economic calendar is limited today, as well.

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Treasury Prices Move Lower

09/21/2015

Treasury prices moved lower over the weekend giving back a portion of last week's FOMC inspired gains. Overseas data was light but Greek elections are being interpreted as a positive for austerity plans and have helped provide a lift for European equity markets.

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Today's US Economic Calendar Is Unremarkable

09/18/2015

Treasury prices continued to move higher overnight as yesterday's upward momentum carried into the overnight session.

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Economists Are Split In Their Predictions

09/17/2015

Treasury prices edged slightly higher overnight ahead of today's much anticipated FOMC announcement. Economists are split in their predictions of whether liftoff will occur at this meeting or in the future but Fed Fund Futures are indicating a slight bias towards unchanged at this meeting.

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Treasury Prices Stabilized Overnight

09/16/2015

Treasury prices stabilized overnight after yesterday afternoon's selloff. The US economic calendar continues its swift pace with another round of noteworthy data this morning as well as the start of the 2-day FOMC Meeting.

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Treasury Prices Edged High Overnight

09/15/2015

Treasury prices edged high overnight ahead of today's robust US economic calendar.

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Today's Market Color

09/14/2015

Treasury prices pushed moderately higher over the weekend as manufacturing data from Japan and China was below expectations.

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Today's Market Color

09/11/2015

Treasury prices drifted higher overnight, seemingly in response to a dip in global equity markets.

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The US Economic Calendar Picks Up The Pace

09/10/2015

Treasury prices moved modestly lower overnight as the momentum created by yesterday's successful 10yr auction faded into the late session.

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Prices Continued To Move Lower Overnight

09/09/2015

Treasury prices continued to move lower overnight as rebounding equity markets and heavy corporate supply continue to weigh on fixed income.

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Prices Moved Lower Over The Long Holiday Weekend

09/08/2015

Treasury prices moved lower over the long holiday weekend as Friday's employment report coupled with firmer than expected GDP data from Europe and Japan has applied downward pressure.

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Weaker Than Expected Job Growth

09/04/2015

Treasury prices moved higher overnight ahead of today's Nonfarm Payroll Report. The results of which showed weaker than expected job growth of 173k (223k estimated), however this was offset by a larger than expected dip in the unemployment rate to 5.1% from 5.3%.

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Jobless Claims Report Modestly Higher

09/03/2015

Treasury prices edged higher overnight in response to softer than expected data from Europe and Australia. Meanwhile, early morning dovish comments from Mario Draghi indicated that the ECB can adjust the magnitude of QE, if necessary.

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Employment Report Softer Than Expected

09/02/2015

Treasury prices drifted lower overnight after a fairly uneventful overseas session. Today's US economic calendar is quite busy and includes a slew of mid-tier reports this morning and afternoon. The early morning release of the ADP Employment report was softer than expected at 190k actual vs 210k est.

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Treasury Prices Surge

09/01/2015

Treasury prices surged overnight after manufacturing data from China reignited fears of a global economic slowdown. Global equity markets were sharply lower overnight and US stocks are poised to slide at the open, as well.

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Rate Hike By End Of Year Possible

08/31/2015

Treasury prices edged higher over the weekend as mixed economic data from overseas provided little direction. Last week's Jackson Hole Symposium indicated that even though a Fed rate hike is likely not imminent, it's still a real possibility by the end of the year.

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Personal Income In Line With Expectations

08/28/2015

Treasury prices pushed higher overnight after a slew of overseas data was mixed but generally softer than expected. The US economic calendar delivers data on inflation and consumer confidence, as well as day two of the Jackson Hole Symposium.

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Jobless Claims As Expected

08/27/2015

Treasury prices moved higher overnight on softer economic data from Europe and expectations of dovish sentiment from the Jackson Hole Symposium that begins today. The US economic calendar has been active today with data on GDP and Employment.

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Durable Goods Orders Improve

08/26/2015

Treasury prices moved lower overnight despite the continued selloff in global equity markets. Trading activity continues to be perplexing as a broad range of forecasts vary from a fed rate hike this year to the Fed dusting off its QE program.

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Chinese Stocks Rebound

08/25/2015

Treasury prices moved lower overnight after global equity markets began to rebound from the three day beating. Chinese stocks bounced after the Central Bank of China announced a rate cut as well as a reduction in bank reserve requirements.

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China's Markets Drop

08/24/2015

Treasury prices surged higher overnight as global equity markets continued to slide. Another steep drop in China's markets spread through Europe overnight and has US equity markets poised for a sharp selloff this morning. In terms of economic data, overseas reporting was light and the US economic calendar is bereft of data, as well.

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Treasury Prices Mostly Unchanged

08/21/2015

Treasury prices were mostly unchanged overnight as mixed data from overseas provided little direction. The US economic calendar is uninspiring today with activity limited to the PMI Manufacturing Index Flash at 10AM ET.

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Jobless Claims Report Weaker Than Expected

08/20/2015

Treasury prices moved higher overnight as yesterday's upward momentum from the FOMC minutes carried into the overnight session. This was also aided by Kazakhstan's overnight announcement that it will also relinquish control of its exchange rate.

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Consumer Price Index Softer Than Expected

08/19/2015

Treasury prices were mostly unchanged overnight after another quiet overseas session. Today's US economic calendar is the highlight of the week and includes inflation data as well as the FOMC meeting minutes. The latest Consumer Price Index was softer than expected as both the headline and core levels of 0.1% were below forecasts of a 0.2% gain.

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July Housing Starts Report

08/18/2015

Treasury prices edged higher overnight as fairly benign overseas data did little to overcome the recent upward momentum. Today's US economic calendar is limited to the July Housing Starts Report. The results were mixed as starts unexpectedly improved to and eight year high of 1.206M. This was versus estimates of 1.180M, however permits dropped to 1.119M vs estimates of 1.230M.

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Empire State Manufacturing Survey Drops

08/17/2015

Treasury prices drifted higher overnight after a fairly uneventful weekend of activity. Overseas data was light but the US economic calendar gets off to a quick start this week with data on manufacturing and housing. The results have been disappointing thus far as the Empire State Manufacturing Survey unexpectedly dropped to -14.92 vs estimates of 4.75.

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Treasury Prices Mostly Unchanged

08/14/2015

The Treasury market is little changed this morning with PPI coming in slightly ahead of expectations and little else of consequence on the calendar today.

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Market News

08/13/2015

The Treasury market is edging lower this morning as the shake out from the Yuan devaluation has subsided.

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MBA Mortgage Applications Up Slightly

08/12/2015

The Treasury market is rallying again this morning as fallout from the Yuan devaluation continues and U.S. equities are set to slide again.

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Treasury Prices Are Up

08/11/2015

Treasury prices are up this morning with another light day on the economic calendar. Yields increased yesterday as money shifted into equities, though we are seeing a reversal this morning following China's Yuan devaluation and concerns about global growth.

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Monday Market News

08/10/2015

Treasury prices are off this morning with a quiet economic calendar today and not much scheduled the rest of the week. Atlanta Fed President Lockhart will be speaking later this morning.

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Unemployment Rate As Expected

08/07/2015

Treasury prices are little changed this morning following slightly below target payrolls and as forecast unemployment rate.

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Treasury Prices Up

08/06/2015

Treasury prices are up slightly this morning with little happening overnight and a quiet day on the economic calendar ahead of tomorrow's non-farm employment data.

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Employment Report Disappointing

08/05/2015

Treasury prices continued to move lower overnight as yesterday's downward momentum spawned by hawkish comments from the Fed's Lockhart carried into the overnight session. Overseas data was softer than expected by not significant enough to create a bid.

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Treasury Prices Drift Lower

08/04/2015

Treasury prices drifted lower overnight after uneventful data left yesterday's gains mostly intact. The recent string of softer than expected economic data has helped move the 10yr yield back below 2.20% but this will likely be tested by supply pressures from approaching auctions.

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Personal Income In Line With Expectations

08/03/2015

Treasury prices edged lower over the weekend as better than expected PMI data from Europe was mostly offset by disappointing PMI data from China. The US economic calendar gets off to a quick start this week with a handful of reports on manufacturing and spending.

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Weaker Than Expected National Wage Increase

07/31/2015

Treasury prices edged lower overnight despite softer than expected data from Europe and Asia. However, prices have rebounded this morning as the latest Employment Cost Index showed weaker than expected wage increases.

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Weekly Jobless Claims Increase

07/30/2015

Treasury prices drifted lower overnight after overseas data from Europe and Asia was mostly better than expected. The US economic calendar has already delivered a couple of noteworthy reports on GDP and employment.

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MBA Mortgage Applications Increase Slightly

07/29/2015

Treasury prices edged lower overnight as Chinese equities stabilized and removed a bit of the flight to quality bid. Overseas data was light and this morning's US economic calendar delivers some housing data before this afternoon's highlighted FOMC Meeting Announcement.

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Treasury Prices Slip

07/28/2015

Treasury prices were unable to hold onto yesterday's gains overnight despite another round of benign overseas data and little change in the anxiety over China's stock market.

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New Durable Goods Orders Increase

07/27/2015

Treasury prices moved higher over the weekend as uneventful overseas data was overshadowed by renewed China equity market woes. After several weeks of stability create by government intervention, Chinese stocks fell by the most since 2007 on concerns that the support is not sustainable.

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Treasury Prices Unchanged

07/24/2015

Treasury prices hovered near unchanged overnight as disappointing manufacturing data from Europe did little to overcome the inertial of summer vacation season. The US economic calendar ends the week with a couple reports on manufacturing and US housing.

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Jobless Claims Drop to 40-yr Low

07/23/2015

Treasury prices edged higher overnight as equities remained on the defensive. Overseas data was uneventful but the US economic has already delivered better than expected results on the US labor market. Weekly jobless claims dropped to 255k vs estimates of 279k.

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MBA Mortgage Applications Unchanged

07/22/2015

Treasury prices grinded sideways overnight as uneventful overseas data did little to reverse yesterday's gains. In the absence of economic data, poor corporate earnings helped push treasuries higher yesterday but US markets will finally get some economic data today.

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Market News

07/21/2015

Treasury prices were mostly unchanged overnight after another quiet session with limited activity. Data from overseas was benign but headlines on Greece indicate that many investors believe Greece is stabilized for now but exiting the Euro is still a real possibility next year.

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Treasury Prices Mostly Unchanged

07/20/2015

Treasury prices were mostly unchanged overnight after an uneventful weekend of activity. Data from overseas was light, leaving the reopening of Greek banks as the most notable event. The US economic calendar is also getting off to a slow start to a slow week of activity.

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Greek Bailout Gains Approval From Germany

07/17/2015

Treasury prices were mostly unchanged overnight as the Greek bailout deal gained approval from Germany. However, the IMF is still expressing concern that the terms do not provide the necessary debt relief.

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Weekly Jobless Claims Improve

07/16/2015

Treasury prices moved modestly lower overnight on news that the Greek parliament approved the bailout deal. Overseas data was light but the ECB announced this morning that it left rates unchanged and Draghi indicated that QE will be maintained through Sept 2016 at his press conference.

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MBA Mortgage Applications Dip

07/15/2015

Treasury prices were mostly unchanged overnight as better than expected data from China was offset by increasing concerns from the IMF that the Greek bailout deal does not provide sufficient debt relief. Today's US economic calendar is the most active of the week with a slew of data as well as the first day of Fed Chair Janet Yellen's two day testimony before Congress.

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Retail Sales Drop

07/14/2015

Treasury prices were mostly unchanged overnight as investors await news on Tsipras efforts to navigate the deal through Greek Parliament. In the meantime, geopolitical events continue to dominate markets as news of an Iran Nuclear Deal was announced early this morning.

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Greece And Creditor Deal Appears Made

07/13/2015

Treasury prices moved lower over the weekend as headlines indicated a deal had been reached between Greece and its creditors. However, the deal still need to be approved by Greek Parliament and many are indicating that the specifics of this deal are not materially different from the proposal that was voted down by the Greek referendum.

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Chinese Stocks Stabilize

07/10/2015

Treasury prices were under pressure again last night as the flight to quality bid continues to lose momentum as the hopes of a Greek bailout deal increase. Beyond Greece, economic data from Europe was mostly better than expected and Chinese stocks continued to stabilize overnight.

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Jobless Claims Unexpectedly Increase

07/09/2015

Treasury prices lost momentum overnight as Chinese stocks finally found some footing, which in turn helped global equity markets to rebound. Data on the US economic calendar is limited to the Weekly Jobless Claims Report but investors will also be paying attention to several planned Fed appearances today.

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Weekly MBA Mortgage Applications

07/08/2015

Treasury prices rebounded overnight after losing momentum late yesterday on rumors of a potential Greek deal. However, the flight to quality bid remained strong overnight as Chinese stocks continued their freefall and Greece appeared no closer to a deal ahead of Sunday's deadline.

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US Trade Deficit Widens

07/07/2015

Treasury prices continued to move higher overnight as concerns of Greece exiting the EU persist. Softer than expected data from overseas and China's equity market woes also added to the flight to quality bid.

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Monday Market News

07/06/2015

Treasury prices surged higher over the long holiday weekend in response to the uncertainty created by the "No" result from the Greek referendum vote. Overseas data was uneventful as investors were obviously more focused on Greece.

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Unemployment Rate Falls to 5.3%

07/02/2015

Treasury prices edged lower overnight as investors awaited further developments on Greece, as well as this morning's Nonfarm Payroll Report. The results of which were softer than expected as payrolls only increased 223k versus expectations of 230k. The unemployment rate did unexpectedly fall to 5.3%, but the drop is being attributed to a dip in the participation rate to 62.6%.

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Employment Report Shows Positive Job Growth

07/01/2015

Treasury prices moved lower overnight on reports that Tsipras is willing to compromise and meet "most" of the creditor's demands. However, subsequent headlines indicate that the optimism might be overdone as there are still significant demands that need to be met. In terms of economic data, the US economic calendar delivers reports on employment, manufacturing and housing.

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Treasury Prices Edge Lower

06/30/2015

Treasury prices edged lower overnight as headlines indicate that there is still hope that Greece can remain in the EU even if the referendum vote rejects the latest proposal from creditors. Beyond the Greek headlines, overseas data was mostly as expected.

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Treasury Prices Surge Higher

06/29/2015

Treasury prices surged higher overnight as a flight to quality bid formed on news that Greece will hold a voter referendum on the "final" proposal from creditors. In the interim, Greek banks will be closed for six days and capital controls have been instituted to help avert a collapse of its financial system.

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Treasury Prices Ege Lower

06/26/2015

Treasury prices edged lower overnight as uneventful overseas data was overshadowed by headlines of China's stock market woes. Greek negotiations appear to be at a standstill ahead of meetings scheduled for tomorrow.

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Jobless Claims In Line With Expectations

06/25/2015

Treasury prices edged lower overnight as Greek headlines indicate no deal has been reached. Overnight data was limited leaving many investors sideline until more clarity is provided on Greece.

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MBA Mortgage Applications Post Small Gain

06/24/2015

Treasury prices moved modestly higher overnight as markets continue to focus on Greek negotiations. The latest headlines indicated that creditors turned down Tsipras latest offer and vice vesa, Greece is indicating it won't accept the latest counterproposal either.

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Durable Goods Orders Drop

06/23/2015

Treasury prices continued to move lower overnight as strong manufacturing data from overseas added to the pressure created by hopes of a Greek deal. The US economic calendar picks up the pace today with data on manufacturing and US housing.

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Monday Market News

06/22/2015

Treasury prices are off this morning with another light day on the economic calendar. Existing home sales data out later this morning will provide a more complete picture of the housing market and follow last week's solid New Home Sales and Permits data.

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Treasury Prices Are Up

06/19/2015

Treasury prices are up this morning with a light calendar on the economic front today which allows Greece/EU negotiations to move back into focus. There are a couple of Fed speakers on the circuit today which may garner attention from market participants as more clues regarding the Fed's plans are sought.

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Treasury Prices Mostly Unchanged

06/18/2015

Treasury prices are little changed this morning as the market has digested the Fed announcement and this morning's CPI numbers came in slightly below expectations. The market rallied following yesterday's FOMC announcement and press conference with the 10yr moving from 2.38% back to 2.31%.

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MBA Mortgage Applications Dip

06/17/2015

There is little happening in rates this morning as market participants await the Fed's decision. Current odds are pointing to a September rate hike, though that could change quickly with the FOMC announcement and Janet Yellen's post-meeting press conference.

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Housing Starts Below Expectations

06/16/2015

Treasury prices pushed higher overnight as the Greece payment deadline looms with no solution in sight. Disappointing confidence data from the EU added to the overnight bid, as well.

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Monday Market News

06/15/2015

Treasury prices moved higher over the weekend as efforts to avoid Greek default collapsed on Sunday. Overseas data was light but the US economic calendar has a swift start to a busy week of activity.

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Treasury Prices Edge Lower

06/12/2015

Treasury prices edged lower overnight on the heels of yesterday's rally. Overseas data was uneventful and negotiations with Greece don't appear to be progressing towards an end to the impasse.

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Core Retail Sales Posts Increase

06/11/2015

Treasury prices were mostly unchanged overnight as overseas data from Asia and Europe was mostly in-line with expectations. The US economic calendar finally heats up today with data on employment, retail sales and inflation.

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Weekly Jobless Claims As Expected

06/04/2015

Treasury prices initially moved lower overnight after yesterday's selloff but eventually found footing and edged higher into the open this morning. Overseas data was uneventful and there was no apparent progress in Greek negotiations.

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Treasury Prices Move Lower

06/02/2015

Treasury prices continued to move lower overnight as yesterday's downward momentum carried into the later session.

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Weekly Jobless Claims Increase

05/28/2015

Treasury prices drifted sideways overnight as uncertainty around Greek negotiations and uneventful overseas data have provided little direction. The US economic calendar is fairly busy today with data on employment and housing.

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Monday Market News

05/18/2015

Treasury prices edged slightly lower overnight after a fairly uneventful weekend. Today's US economic calendar is limited to the National Association of Home Builders Housing Market Index, which is due out at 10AM ET.

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Empire State Manufacturing Improves

05/15/2015

Treasury prices continued to rebound overnight as yesterday's strength carried into the overnight session. The US economic calendar ends the week with a handful of reports on manufacturing and consumer confidence.

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MBA Mortgage Applications Dip

05/13/2015

Treasury prices moved higher overnight as yesterday's momentum carried into the overnight session. It was also supported by overseas data from Europe that was mostly softer than expected.

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Treasury Prices Slump Overnight

05/12/2015

Treasury prices continued to slump overnight as the rout in European bond markets continued to spill over into global markets. However, the overnight drop has tempered this morning and US Treasury prices are beginning to show some signs of life.

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Monday Market News

05/11/2015

Treasury prices edged lower over the weekend, giving back some of Friday's gains despite news of a 25 bp rate cut from The Peoples Bank of China and yet another round of Greek default fears.

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Employment Report Inline With Expectations

05/08/2015

Treasury prices edged higher overnight with numerous events to consider ahead of today's employment report. The "closest" UK election in 30 years turned out to be a lopsided victory for Cameron and the Conservative Party.

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Layoffs Increase Higher Than Expected

05/07/2015

Treasury prices were initially under pressure overnight as the slump in global bond markets continued into the later session. However, the momentum turned and prices recovered and moved into positive territory early this morning, helped in part by Japan returning from holiday.

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Disappointing Employment Report

05/06/2015

Treasury prices edged lower overnight as global bond markets continue to suffer. The US economic calendar includes some noteworthy employment data, as well as several planned Fed appearances, including Fed Chair Janet Yellen at 9:15AM ET.

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International Trade Report Widens

05/05/2015

Treasury prices moved modestly higher overnight as another round of Greek headlines made up for limited economic data from overseas. The US economic calendar is starting off with downbeat tone as the latest International Trade Report widened to -$51.4 B vs estimates of -$42.0B.

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Treasury Prices Edge Higher

05/04/2015

Treasury prices are edging higher this morning ahead of a fairly busy week of US economic activity. Overseas activity was light as some markets remain closed for holiday and data was limited.

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Treasury Prices Move Lower

05/01/2015

Treasury prices moved lower overnight as benign data gave little direction to the limited number of overseas markets that were actually open with much of Europe and Asia out on holiday. The US economic calendar continues its brisk pace with data on manufacturing, housing and consumer confidence.

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Weekly Jobless Claims Improve

04/30/2015

Treasury prices were mostly unchanged overnight as overseas data was mostly in-line with expectations. The US economic calendar has a full slate of reports today, including data on employment, consumer spending and inflation.

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MBA Mortgage Applications Dip

04/29/2015

Treasury prices edged lower overnight as investors awaited today's eventful US schedule. Overseas data was light and Japan is closed for holiday. However, the US economic calendar is the busiest of the week with the release of the US GDP and Pending Home Sales reports this morning followed by the FOMC Meeting Announcement this afternoon.

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Today's Market News

04/28/2015

Treasury prices were mostly unchanged overnight despite softer than expected data from Europe, including disappointing results on UK GDP. Today's US economic calendar delivers data on housing, consumer confidence and also the start of the 2-day FOMC meeting.

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Treasury Prices Unchanged

04/27/2015

Treasury prices were mostly unchanged overnight after an uneventful weekend of economic activity. Overseas data was limited, leaving Greek headlines to dominate.

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Core Durable Goods Fall

04/24/2015

Treasury prices were mostly unchanged overnight as mixed data from overseas gave investors little direction. Weaker than expected Durable Orders data has lifted MBS early.

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Weekly Jobless Claims Increase

04/23/2015

Treasury prices edged higher overnight as a slew of economic data from Asia and Europe was biased towards the softer side. The US economic calendar delivers a handful of noteworthy reports today on employment, manufacturing and housing.

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MBA Weekly Mortgage Applications Edge Higher

04/22/2015

Treasury prices edged slightly higher overnight as balance data and no material movement in Greek negotiations had prices relatively stable. The US economic calendar finally gets into gear today with a round of housing-centric data.

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Treasury Prices Edge Higher

04/21/2015

Treasury prices edge higher overnight after another quiet session. Overseas data was uneventful, but Greek headlines continue to help fill the void.

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Monday Market News

04/20/2015

Treasury prices were mostly unchanged overnight as overseas data was overshadowed by headlines that China has cut its bank reserve requirements as well as more potential Greek EU exit headlines.

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Consumer Price Index In Line With Expectations

04/17/2015

Treasury prices were mostly unchanged overnight as uneventful overseas data was coupled with continued concerns of Greece exiting the EU. The US economic calendar continues its steady diet of data this week.

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Jobless Claims Increase

04/16/2015

Treasury prices moved sideways overnight as limited data gave investors a breather. The US economic calendar includes another round of noteworthy reports today.

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MBA Mortgage Applications Dip

04/15/2015

Treasury prices were relatively flat overnight despite another round of disappointing data from China. The US economic calendar continues its busy schedule this week with data on manufacturing and housing, as well as a couple of planned Fed appearances.

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Disappointing Retail Sales

04/14/2015

Treasury prices edged higher overnight as better than expected data from Europe was offset by renewed Greek default concerns. The US economic calendar gears up today with data on inflation and consumer spending.

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Chinese Data Indicates Slow Global Growth

04/13/2015

Treasury prices were slightly lower to start the week despite weaker than expected data overnight from China that indicates slowing global economic growth. The US economic calendar gets off to a slow start to a fairly busy week of releases.

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Treasury Prices Edge Higher

04/10/2015

Treasury prices are edging higher this morning as another slow day for the economic calendar begins.

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Today's Market News

04/09/2015

Treasury prices are catching slight bid this morning following yesterday's non-reaction to the FOMC minutes.

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MBA Mortgage Applications Are Up

04/08/2015

Treasury prices are unchanged this morning as the dearth of economic data continues. Mortgage applications were up 0.4%, with purchase activity up 7.0% and refis down 3.0%.

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Treasury Prices Edge Lower

04/07/2015

Treasury prices have edged lower this morning with a quiet day on the economic calendar ahead.

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Monday Market News

04/06/2015

The Treasury market is quiet this morning following Friday's short session in which the market digested disappointing employment data. Later this morning market participants will be on the lookout for economic clues in the release of the PMI and ISM indices.

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Friday Market Update

04/03/2015

Treasury prices were mostly unchanged overnight after a very slow session with most overseas markets closed for Good Friday. The US economic calendar ends the week with a bang in the form of the Nonfarm Payroll Report.

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Weekly Jobless Claims Better Than Expected

04/02/2015

Treasury prices edged slightly higher overnight as yesterday's momentum carried into the overnight session. Overseas data was light but the US economic calendar produces a flurry of activity ahead of tomorrow's employment report.

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Disappointing Payroll Growth

04/01/2015

Treasury prices edged slightly higher overnight ahead of the first trading day of the second quarter. The US economic calendar remains brisk today with data on employment, manufacturing and housing.

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Treasury Prices Edge Higher

03/31/2015

Treasury prices continued to edge higher overnight as mixed data from overseas failed to provide clear direction. The US economic calendar includes several mid-tier reports, as well as a few planned Fed appearances this morning.

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Income Report Better Than Expected

03/30/2015

Treasury prices were mostly unchanged overnight ahead of a busy week of economic activity. Overseas data was better than expected and also included comments from China, which indicated that declining inflation may prompt more easing. Today's US economic calendar sets the tone for a busy week of events.

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Friday Market News

03/27/2015

Treasury prices drifted slightly higher overnight, recovering a bit of yesterday afternoon's selloff. Overseas data was benign but the US calendar ends the week with a couple of noteworthy events.

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Weekly Jobless Claims Report

03/26/2015

Treasury prices were higher overnight as tensions increased in the Middle East after Saudi Arabia bombed targets in Yemen. Today's US economic calendar contains a mix of data and Fedspeak.

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MBA Mortgage Applications Surge

03/25/2015

Treasury prices hovered near unchanged overnight after another unremarkable trading session. This week's US economic calendar continues its steady delivery of data with reports on manufacturing and mortgages.

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February Consumer Price Index As Expected

03/24/2015

Treasury prices were mostly unchanged overnight as soft economic data from Asia was offset by better than expected data from Europe. The US economic calendar is busy today with data on inflation, manufacturing and housing.

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Treasury Prices Modestly Higher

03/23/2015

Treasury prices are modestly higher this morning as Greek concerns remain in the forefront. The US economic calendar is fairly busy this week with data spread throughout the week.

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Today's Market News

03/20/2015

Treasury prices edged higher overnight with concerns growing that Greece is facing a liquidity crunch. Overseas data was light once again and the US economic calendar is also ending the week with a scarcity of data.

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Jobless Claims Report As Expected

03/19/2015

Treasury prices edged slightly lower overnight as another round of tranquil overseas data gave investors a chance to further digest yesterday's FOMC. The US economic calendar remains busy today with a couple of reports and some Fedspeak.

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MBA Mortgage Applications Dip

03/18/2015

Treasury prices edged higher overnight as slumping oil prices are helping to create a modest bid ahead of today's FOMC meeting announcement.

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Housing Starts Dip

03/17/2015

Treasury prices drifted higher overnight as another round of benign data from overseas gave investors little direction. Ahead of tomorrow's FOMC Meeting Announcement, the US economic calendar delivers a single noteworthy report on US housing.

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Treasury Prices Mostly Unchanged

03/16/2015

Treasury prices drifted sideways overnight as weekend activity was light ahead of this week's busy schedule. Overseas data was nonexistent but the US economic calendar has a swift start to the week with reports on Empire State Manufacturing, Industrial Production and the NAHB Housing Market Index.

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Producer Price Index Falls

03/13/2015

Treasury price drifted lower overnight after a quiet overseas session. The US economic calendar ends the week with reports on inflation and consumer confidence.

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Weekly Jobless Claims Dip

03/12/2015

Treasury prices moved higher overnight as benign overseas data allowed yesterday's bid to carry into the overnight session. The US economic calendar is the busiest of the week with data on employment and inflation. The news has been mixed thus far as better than expected weekly jobless claims were offset by weak retail sales.

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Today's Market News

03/10/2015

Treasury prices continued to move higher overnight as anti-austerity rhetoric from Greece has increased investor restlessness. Concerns are already beginning to arise that Greece is not making sufficient progress in meeting the terms of the recent deal that was struck in February.

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Treasury Prices Move Higher

03/09/2015

Treasury prices moved higher overnight as the start of the new ECB bond purchase program helped prices recover some of Friday's selloff. Overseas data was fairly light and the US economic calendar gets off to a quiet start to a light week of data.

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Unemployment Dips

03/06/2015

Treasury prices hovered near unchanged overnight ahead today's payroll data. The results were stronger than expected as nonfarm payrolls surged 295k vs 230k consensus.

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Jobless Claims Increase

03/05/2015

Treasury prices edged slightly lower despite overnight headlines indicating that China is lowering its economic growth forecasts. Overseas data was relatively light but investors will be keeping an eye on the ECB as well as a couple US economic reports on employment and inflation due out this morning.

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Employment Report Mildly Disappointing

03/04/2015

Treasury prices were left unchanged overnight as a mix of data from overseas provided no clear direction. Today's US economic calendar picks up the pace with several mid-tier reports but the upcoming ECB meeting and Friday's Payroll Report loom large.

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Treasury Prices Move Lower

03/03/2015

Treasury prices continued to move lower overnight as better than expected data from Europe helped extend yesterday afternoon's selloff. Today's US economic calendar is uneventful with no significant reports set to be released.

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Personal Income Improves

03/02/2015

Treasury prices were mostly unchanged overnight as we head into the first trading day of March. With month end activity over and geopolitical events seemingly calm for the moment, investors will be focused on this week's economic data.

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Germany Approves Greek Bailout Extension

02/27/2015

Treasury prices edged lower overnight, pressured by better than expected data from Europe and also news that Germany approved the Greek bailout extension. The US economic calendar ends a busy week of activity with data on the US GDP.

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Mixed Economic Data Today

02/26/2015

Treasury prices edged higher overnight as investors awaited today's heavy dose of US economic data. So far this morning, the US calendar delivered a trifecta of reports on employment, inflation and manufacturing.

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Purchase Applications Increase

02/25/2015

Treasury prices are under modest pressure this morning as better than expected data from overseas has pushed yields slightly higher. Today's US economic calendar includes day two of Yellen's testimony before Congress.

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EU Preliminarily Accepts Greece's Economic Reform

02/24/2015

Treasury prices moved lower overnight as headlines indicated that the EU has issued a preliminary acceptance of Greece's economic reforms. Today's US economic calendar includes the much anticipated start of Fed Chair Janet Yellen's semi-annual testimony before Congress at 10AM EST.

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Monday Market News

02/23/2015

Treasury prices were mostly unchanged overnight after a fairly uneventful weekend of activity. The US economic calendar gets off to a decent start to a very busy week of activity.

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Treasury Prices Move Higher

02/20/2015

Treasury prices moved higher overnight as Germany appears to be hardening its stance that Greece must adhere to the conditions of the bailout before an extension will be granted.

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Jobless Claims Dip

02/19/2015

Treasury prices were mostly unchanged overnight as Greece officially submitted a request to extend the bailout. However, initial reports indicate that Germany has denied the request because Greece has not met the existing conditions for continuing aid.

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MBA Mortgage Applications Drop

02/18/2015

Treasury prices leveled off last night after yesterday afternoon's selloff. Overnight activity was centered around the UK as the BOE minutes showed unanimous vote to maintain the status quo.

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Concern of Greece Exiting EU

02/17/2015

Treasury prices moved higher to start this holiday shortened trading week as EU negotiations with Greece ended abruptly and increased concern of a Greek exit from the EU.

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Modest Drop In Import Prices

02/13/2015

Treasury prices were under modest pressure overnight as European GDP data, led by Germany, was better than expected. The US economic calendar ends the week with some Fedspeak and a couple of mid-tier reports on inflation and consumer confidence.

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Retail Sales Fall in January

02/12/2015

Treasury prices moved lower overnight as reports of a cease fire agreement between Ukrainian and Russia pushed global equity markets higher. Today's US economic calendar finally delivers some meaningful data.

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MBA Mortgage Applications Dip

02/11/2015

Treasury prices edged slightly higher overnight as limited economic data from overseas has left investors to focus on the geopolitical events in Greece and Ukraine. Things are not much different on this side of the Atlantic as a dearth of economic data has markets continuing to analyze potential Fed reaction to the NFP data.

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Today's Market News

02/10/2015

Treasury prices moved lower overnight as Friday's payroll data continues to reverberate with investors. Overseas data was mixed but hopes of a Greek compromise have applied some pressure to treasury prices, as well.

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Treasury Prices Move Higher

02/09/2015

Treasury prices moved higher overnight as anti-austerity headlines from Greece have helped prices recover some of Friday's employment report induced selloff.

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Payroll Growth Better Than Expected

02/06/2015

Treasury prices hovered near unchanged overnight as limited overseas data left investors to focus on today's payroll report. The results were better than expected as payroll growth of 257k was above estimates of 230k. The prior month's level was also revised significantly higher to 329k from the previously reported figure of 252k.

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Winter Storms May Impact Economy

02/05/2015

Treasury prices are lower this morning as better than expected data from overseas and continued maneuvering in the Greek debt situation have treasuries on the defensive. The US economic calendar has a few reports due out this morning ahead of tomorrow's Nonfarm Payroll Report.

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Private Sector Job Gains Lower Than Expected

02/04/2015

This morning, the ADP estimate for private sector job gains in January was 213K, a little below the consensus of 220K. The Dow is down 10 points.

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Treasury Prices Move Lower

02/03/2015

Treasury prices moved lower overnight as softer than expected data was overlooked and investors seemed to be more focused on potential improvement in EU negotiations with Greece.

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Personal Income In Line With Expecations

02/02/2015

Treasury prices moved lower overnight even though global equity markets were also under pressure from weaker than expected manufacturing data from Asia and Europe. The US economic calendar gets off to a quick start to a busy week of data.

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Today's Market News

01/30/2015

Treasury prices moved modestly higher overnight with month end buying and softer than expected inflation data from Europe overshadowing stronger than expected results on unemployment.

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Weekly Jobless Claims Better Than Expected

01/29/2015

Treasury prices gave back some of yesterday's gains overnight as investors further digested the FOMC statement. Overseas data was mixed but included data that showed German inflation turned negative for the first time in five years.

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Mortgage Purchase Applications Unchanged

01/28/2015

Treasury prices edged higher overnight as Greek headlines continued to dominate European markets. However, investor focus will shift back to the US this afternoon when the FOMC Meeting Announcement is posted at 2PM EST.

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Durable Goods Orders Decline

01/27/2015

Treasury prices were modestly higher overnight as investors waited to see if markets would be disrupted by the major east coast storm. However, the storm failed to produce the prolific snow totals predicted and normal activity resumes in NYC.

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Treasury Prices Move Lower

01/26/2015

Treasury prices moved modestly lower overnight as Greece's anti-austerity party claimed victory in the election for prime minister. Beyond the election news, data from overseas was light and today's US economic calendar is fairly tranquil as well with the Dallas Fed Manufacturing Survey due out at 10:30AM EST.

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Today's Market News

01/23/2015

Treasury prices moved higher overnight as upward momentum from yesterday's ECB announcement carried into the overnight session. Overseas data was benign but the US economic calendar includes a couple of noteworthy releases.

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Jobless Claims Rise

01/22/2015

Treasury prices moved lower overnight as headlines suggested that the ECB's executive board was proposing a much larger than expected quantitative easing program that could exceed 1 trillion euros.

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MBA Mortgage Applications Continue to Improve

01/21/2015

Treasury prices were mostly unchanged overnight as data was relatively light. Today's US economic calendar is limited to housing related data. The latest Housing Starts Report was mixed as permits unexpectedly dipped but starts improved more than expected.

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Treasury Prices Up Slightly

01/20/2015

Treasury prices have settled and are up slightly this morning following the holiday weekend and the chaos ignited by the Swiss National Bank.

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SNB Removes Currency Exchange Cap

01/16/2015

Treasury prices were slightly lower overnight as markets are still dealing with the fallout from the SNB decision to remove the currency exchange cap. Overseas data was light but the US economic calendar includes a couple of notable releases.

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Weekly Jobless Claims Increase

01/15/2015

Treasury prices continued to move higher overnight as equity prices remain under pressure. Overseas data was mixed and the Swiss National Bank surprised investors by abandoning the exchange rate cap on the Franc.

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US Rental Sales Report Falls

01/14/2015

Treasury prices moved higher overnight after global economic growth concerns put additional pressure on global equity and commodity prices. To make matters worse, the latest US Retail Sales Report fell much more than expected (-0.9% actual vs -0.1% est) and the core report, less autos and gas, unexpectedly fell -0.3% vs expectations of a +0.6% gain.

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Further Dip In Oil Prices

01/13/2015

Treasury prices edged higher overnight as softer than expected data from Europe and another dip in oil prices have the 30yr yield near its all-time low. The US economic calendar includes a bit of employment data along with some Fedspeak and a 10yr Note Auction at 1PM EST.

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Treasury Prices Move Slightly Lower

01/12/2015

Treasury prices moved slightly lower overnight as markets absorbed Friday's payroll data over the weekend. Data from overseas was limited and the US economic calendar gets off to a benign start, as well.

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Payrolls Increase

01/09/2015

Treasury prices moved modestly higher overnight as disappointing data from Europe gave prices a lift in advance of today's employment report. The headline results of which were better than expected as payrolls increased 252k vs expectations of 245k.

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Weekly Jobless Claims Reported

01/08/2015

Treasury prices edged lower overnight as equity markets continue to rebound. Data from overseas was mixed and an evening appearance from Fed Governor Evans was interpreted as dovish.

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ADP Employment Report Better Than Expected

01/07/2015

Treasury prices moved lower overnight as equity markets finally found a bid. Data from overseas was mixed, with negative CPI from Euro-zone being offset by better than expected data on German Retail Sales and Unemployment.

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Concerns of Greece Leaving Euro

01/06/2015

Treasury prices moved higher overnight as yesterday's momentum carried into the overnight session, aided by disappointing PMI data from Europe.

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Overseas Data Shows Disappointing Results

01/05/2015

Treasury prices were mostly unchanged overnight as the first full week of 2015 unfolds. Overseas data showed disappointing results from Asia and Europe amidst rising concerns that Greece may exit the Euro.

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Weekly Market News

01/02/2015

Treasury prices are giving back some of the gains achieved during the last few days of 2014 as sellers have emerged early in 2015. Overseas data was light but headlines are keying on warnings from a dovish Mario Draghi about deflation risks in Europe.

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Jobless Claims Increase

12/31/2014

Treasury prices edged slightly higher overnight on light volumes with many overseas markets closed for New Year's Eve holiday. The US economic calendar is scheduled to squeeze in a handful of economic reports on the final day of 2014.

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Treasury Prices Unchanged

12/30/2014

Treasury prices were mostly unchanged overnight as the lull between Christmas and New Year's continues to supply little in the way of overseas economic data.

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Greece Moves to Elections

12/29/2014

Treasury prices are edging higher this morning on news that Greece will move to snap elections after Greek Prime Minister Samara was unable gain enough support in parliament for his candidate for head of state.

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Today's Market News

12/26/2014

Treasury prices are edging higher this morning after a quiet Christmas holiday.

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Treasury Prices Drifted Slightly Lower Overnight

12/24/2014

Treasury prices drifted slightly lower overnight as an empty oversea calendar allowed investors to focus on other holiday related activities.

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Treasury Prices Edged Lower

12/23/2014

Treasury prices edged slightly lower after an uneventful overnight session. Data from overseas was benign but the US economic calendar is filling the void with slew of reports due out this morning.

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Today's Market Color

12/22/2014

Treasury prices drifted lower overnight as a quiet weekend of data had investors focusing on China's offer of support for Russia's besieged Ruble.

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Oil Prices Stabilize

12/19/2014

Treasury prices hovered near unchanged overnight as oil prices seem to have stabilized, at least temporarily, and equities continued their march higher. The US economic calendar is short on data today but there are a couple of planned Fed appearances on the docket this morning and early this afternoon.

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Jobless Claims Dip

12/18/2014

Treasury prices were under pressure overnight as better than expected data from Europe helped sustain yesterday's downward momentum. The US economic calendar continues its healthy pace with Weekly Jobless Claims and the Philly Fed Survey.

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Housing Starts Drop

12/16/2014

Treasury prices surged overnight after a surprise rate increase by Russia has done little to bolster the struggling Ruble. Investors are speculating that additional moves could be forthcoming from Russia's central bank.

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Today's Market News

12/15/2014

Treasury prices moved lower overnight as equities attempt to rebound from last week's pummeling. The US economic calendar gets off to a quick start of a busy week of data.

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Dip In Oil Prices

12/12/2014

Treasury prices continued to move higher overnight after disappointing data from Asia and another dip in oil prices have equity markets on the defensive. The US economic calendar ends the week with a couple of noteworthy reports.

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Weekly Jobless Claims Improve

12/11/2014

Treasury prices were mostly unchanged overnight after a round of uneventful overseas data. The US economic calendar finally heats up today with data on employment and retail sales.

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Little Change to Treasury Prices

12/10/2014

Treasury prices drifted sideways overnight after uneventful data from overseas gave little reason for change. The US economic calendar continues its snoozefest with another day of benign data on the schedule.

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Global Equity Markets Under Pressure

12/09/2014

Treasury prices pushed higher overnight after global equity markets came under pressure from Greek election concerns and worries of an economic slowdown in China.

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Today's Market News

12/08/2014

Treasury prices moved modestly lower over the weekend as downward pressure from Friday's payroll data was tempered by disappointing data from Asia and Europe.

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Unemployment Rate Holds Steady

12/05/2014

Treasury prices edged lower overnight as better than expected data from Europe applied pressure to treasuries ahead of this morning payroll report. The results of which were better than expected with payrolls posting a robust 321k increase vs a consensus of 230k.

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Weekly Jobless Claims

12/04/2014

Treasury prices hovered near unchanged overnight as light overseas data left investors to focus on this morning's upcoming ECB press conference. The US economic calendar is relatively light ahead of tomorrow's employment report.

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MBA Mortgage Purchase Applications Improve Slightly

12/03/2014

Treasury prices were mostly unchanged overnight as overseas data was fairly uneventful. Today's US economic calendar contains several mid tier reports including a precursor to Friday's Employment report. The ADP Employment report posted a disappointing gain of 208k vs estimates of 225k.

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Today's Market News

12/02/2014

Treasury prices were mostly unchanged overnight as yesterday's late day slide was halted overnight. Overseas data was light and the same can be said for the US economic calendar, which is limited to Construction Spending at 10AM EST.

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Disappointing Black Friday Retail Sales

12/01/2014

Treasury prices edged slightly higher over the weekend as early reports of disappointing Black Friday retail sales and Moody's downgrade of Japan's credit rating, combined to give treasury prices a modest lift.

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Jobless Claims Unexpectedly Jump

11/26/2014

Treasury prices hovered near unchanged overnight as investors awaited this morning's onslaught of data. The results have been disappointing thus far as data has been below estimates on manufacturing, employment and consumer spending.

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3rd Quarter GDP Better Than Expected

11/25/2014

Treasury prices edged higher overnight as benign data from overseas provided little direction. The US economic calendar heats up today with data on GDP, housing and consumer confidence.

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Treasury Prices Edge Lower

11/24/2014

Treasury prices edged slightly lower overnight ahead of this week's condensed holiday trading week. Data from overseas was fairly light but equity market gains are applying a modest amount of pressure to treasury prices.

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Friday Market News

11/21/2014

Treasury prices were mostly unchanged overnight despite news that the Peoples Bank of China announced an unexpected rate cut. Data from overseas was nonexistent and the same can be said of today's US economic calendar.

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Softer Than Expected Jobless Claims

11/20/2014

Treasury prices moved higher overnight as manufacturing data from both Asia and Europe was softer than expected. Today's US economic calendar is the busiest of the week and includes data on inflation, employment and housing.

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MBA Mortgage Purchase Applications Surge

11/19/2014

Treasury prices drifted lower overnight as benign data left investors to focus on the Bank of England Meeting Minutes, which were slightly more hawkish than expected.

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Core Index In Line With Expectations

11/18/2014

Treasury prices edge higher overnight as Japan remained in the news as Prime Minister Abe moved to delay sales tax increases and proposed an early election to extend his term.

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Today's Market News

11/17/2014

Treasury prices moved higher overnight after disappointing data on Japan's economy showed that it unexpectedly fell into a recession in the 3rd Qtr. The US economic calendar gets off to a quick start to a busy week of data.

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Retail Sales Better Than Expected

11/14/2014

Treasury prices were mostly unchanged overnight despite firmer than expected GDP data from Europe. The US economic calendar is fairly busy today with data on inflation and consumer activity.

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Treasury Prices Edge Higher

11/13/2014

Treasury prices edged higher overnight as threats of new Russian sanctions and mildly disappointing economic data from China helped give prices a lift.

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Mortgage Purchase Applications See Slight Tick Upward

11/12/2014

Treasury prices moved higher overnight after the Bank of England revised UK GDP forecasts lower. The US economic calendar is relatively quiet today with limited data and a couple of planned Fed appearances.

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Today's Market Color

11/10/2014

Treasury prices are close to unchanged this morning with a quiet day on the economic front ahead of tomorrow's observance of Veteran's Day (bond market closed).

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NFP Comes In Below Consensus

11/07/2014

Treasury prices are mixed though hovering around unchanged this morning following the October employment report. No big surprises versus estimates with NFP coming in 20K below consensus.

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Today's Market News

11/06/2014

Treasury prices are just about unchanged this morning with jobless claims, our last look at the employment market prior to tomorrow's October employment numbers, coming in slightly below forecast.

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Purchase Applications Tick Up

11/05/2014

Treasury prices are off slightly this morning as the market digests data and election results. Overall mortgage applications were off week over week, though purchase applications ticked up slightly.

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Treasury Prices Continue Higher

11/04/2014

Treasury prices are higher this morning with little economic data to digest so far.

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Treasury Prices Inch Higher

11/03/2014

Treasury prices inched higher over the weekend as mixed data from Asia and Europe provided little direction. Today's US economic calendar gets off to a quick start to a fairly busy week of data.

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Personal Income and Spending Softer than Expected

10/31/2014

Treasury prices are off this morning with Personal Income and Spending numbers a bit softer than expected while PCE numbers came in as forecast.

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Jobless Claims Unexpectedly Jump

10/30/2014

Treasury prices were mostly unchanged overnight as markets digested yesterday's more hawkish than expected tone to the FOMC meeting announcement.

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MBA Mortgage Applications Dip

10/29/2014

Treasury prices are mostly unchanged after another uneventful overnight session. Today's US economic calendar includes the main event of the week, the FOMC Meeting Announcement.

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Durable Goods Orders Unexpectedly Drop

10/28/2014

Treasury prices drifted lower overnight as limited data and the looming FOMC meeting left investors mostly sidelined. The US economic is fairly active today with reports on durable goods, US housing and consumer confidence.

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ECB Bank Stress Test Results

10/27/2014

Treasury prices are mostly unchanged this morning as the results of the ECB bank stress test showed that only eight of the original 25 banks with capital shortfalls are still left unresolved.

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Ebola Case in New York

10/24/2014

Treasury prices are higher this morning after New York City reported its first Ebola case overnight. Data from overseas was relatively light and the US economic calendar is not much different.

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Jobless Claims Below Expectations

10/23/2014

Treasury prices moved lower overnight as mixed but mostly firmer data from overseas applied some pressure. Today's US economic calendar is the busiest of the week with data on employment, manufacturing and housing.

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Refinance Activity Surges

10/22/2014

Treasury prices drifted slightly higher overnight after an unremarkable overseas session. The US economic calendar has a couple of noteworthy releases today.

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Equites Poised to Rally

10/21/2014

Treasury prices moved modestly lower after overnight data on China's GDP was slightly better than expected.

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Treasury Prices Drift Higher

10/20/2014

Treasury prices drifted higher over the weekend as limited activity gave investors a breather after last week's extraordinary market volatility.

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Yesterday Afternoon's Downward Momentum Continued

10/17/2014

Treasury prices moved lower overnight as yesterday afternoon's downward momentum continued overnight.

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Wave Of Stock Selling And Bond Buying

10/15/2014

It has been an extremely volatile morning. Weaker than expected economic data has caused another wave of stock selling and bond buying.

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Today's Market Color

10/14/2014

Treasury prices surged higher over the long holiday weekend as concerns of slowing global economic growth forecasts are being exacerbated by the Ebola epidemic and also renewed worries with Greece.

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Prices Edged Higher Overnight

10/10/2014

Treasury prices edged higher overnight after an uneventful evening of data provided little direction.

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Today's Market Color

10/09/2014

Treasury prices were slightly higher overnight as limited data from overseas left yesterday's gains intact.

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Prices Edged Slightly Lower Overnight

10/08/2014

Treasury prices held onto most of yesterday's gains but edged slightly lower overnight despite disappointing economic news from China.

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Today's Market Color

10/06/2014

Treasury prices edged higher over the weekend as limited data from Europe was softer than expected.

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Prices Drifted Lower Overnight

10/03/2014

Treasury prices drifted lower overnight as better than expected data from Europe nudged prices lower ahead of today's Employment Report.

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Today's Market Color

10/02/2014

Treasury prices dipped slightly lower overnight as benign data from overseas gave little reason to give up yesterday's impressive gains.

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Treasury Prices Edged Higher Over The Weekend

09/29/2014

Treasury prices edged higher over the weekend with uninspiring overseas data that left Hong Kong protests to lead news headlines.

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Treasury Prices Were Mostly Unchanged

09/26/2014

Treasury prices were mostly unchanged overnight as another round of benign data from overseas had little impact.

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Today's Market Color

09/25/2014

Treasury prices moved higher overnight after overseas activity was limited to dovish comments from ECB President Mario Draghi.

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Prices Drifted Slightly Lower Overnight

09/24/2014

Treasury prices drifted slightly lower overnight as unremarkable activity from overseas provided little direction.

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Today's Market Color

09/23/2014

Treasury prices moved moderately higher overnight after disappointing data from Europe combined with activity in the Middle East to prop up treasuries.

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Today's Market Color

09/18/2014

Treasury prices were mostly unchanged overnight as markets digested yesterday's Fed language and prepared for today's Scottish independence vote.

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New Doubts Have Emerged

09/17/2014

Treasury prices moved higher overnight as new doubts have emerged about the Fed removing "considerable time" language from the statement.

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Today's Market Color

09/15/2014

Treasury prices moved slightly higher over the weekend as disappointing data from China helped stem the recent slide in fixed income.

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Markets Continued To Be Weighed Down

09/12/2014

Treasury prices were on the defensive last night as markets continued to be weighed down by shifting expectations of future Fed rate policy.

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Today's Market Color

09/10/2014

Treasury prices moved lower once again overnight as concerns of future Fed policy changes are being fueled by posts from the San Francisco Fed indicating that markets may be overestimating the Feds accommodative stance.

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Prices Moved Higher Overnight

09/08/2014

Treasury prices moved higher overnight as the Ukrainian ceasefire is being tested by reports of shelling and separately, talk of Scottish independence appears to be gaining momentum.

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Prices Have Reversed Course And Spiked Higher

09/05/2014

Treasury prices edged slightly lower overnight ahead of this morning's Nonfarm Payroll Report.

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ECB Unexpectedly Cut Rates

09/04/2014

Treasury prices moved modestly higher this morning after the ECB unexpectedly cut rates and the ADP Employment Report was weaker than expected.

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Prices Continued To Move Lower

09/03/2014

Treasury prices continued to move lower overnight on news that Ukraine and Russia progressed towards a ceasefire agreement.

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Today's Market Color

08/29/2014

Treasury prices edged lower overnight despite a round of disappointing data from Europe.

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Russian Troops Invaded Ukrainian Territory

08/28/2014

Treasury prices were higher overnight as tensions between Ukraine and Russia intensified after Ukraine indicated Russian troops have invaded Ukrainian territory.

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Today's Market Color

08/26/2014

Treasury prices moved higher over the weekend as the dovish slant to the Jackson Hole speeches helped prop up prices.

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Prices Inched Higher Overnight

08/22/2014

Treasury prices inched higher overnight as geopolitical tensions increased after Russian trucks carrying humanitarian aid crossed into Ukraine without consent.

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Today's Market Color

08/21/2014

Treasury prices edged slightly lower overnight as softer than expected data from Asia and Europe helped to counterbalance the slight hawkish spin on yesterday's FOMC meeting minutes.

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Treasury Prices Are Edged Lower Overnight

08/20/2014

Treasury prices are edged lower overnight after the latest Bank of England meeting minutes showed two members actually voted for increasing rates.

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Inflation Remains In Check

08/19/2014

Treasury prices rebounded overnight after CPI data from the UK showed that inflation remains in check.

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Increased Hopes Of A Truce

08/18/2014

Treasury prices moved lower overnight as increased hopes of a truce between Ukraine and Russia have equity markets rallying.

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Reports Of Fighting In Ukraine Have Lifted MBS

08/15/2014

Treasury prices were once again little changed this morning as PPI data hit forecasts on the mark.

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An Unexpected Jump In Jobless Claims

08/14/2014

Treasury prices are higher this morning following an unexpected jump in jobless claims which matched their highest level since June.

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Today's Market Color

08/13/2014

Treasury prices have edged higher this morning following a weaker than expected retail sales report.

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Another Quiet Morning

08/12/2014

Another quiet morning with Treasury prices little changed and nothing of consequence on the calendar today.

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Treasury Prices Are Off Slightly This Morning

08/11/2014

Treasury prices are off slightly this morning with an empty economic calendar.

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Today's Market Color

08/07/2014

Treasury prices are little changed this morning with no economic news of consequence to consume, other than a decent initial claims print, and nothing new in the geopolitical landscape.

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Escalating Tensions In Ukraine

08/06/2014

Treasury prices surged overnight as escalating tensions in Ukraine combined with disappointing economic data from Europe to create a flight to quality bid.

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Today's Market Color

08/05/2014

Treasury prices edged slightly lower overnight as a cease fire in Gaza and uneventful data are having a limited impact on markets.

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Today's Market Color

08/01/2014

Treasury prices were modestly lower overnight ahead of today's robust US calendar.

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Prices Are Moving Lower

07/31/2014

Treasury prices stabilized overnight after yesterday's GDP induced selloff.

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Geopolitical Tensions Remain High

07/29/2014

Treasury prices moved modestly higher overnight as geopolitical tensions remain high with tougher US and EU sanctions on Russia looming.

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Treasury Prices Edged Lower

07/28/2014

Treasury prices edged lower after an uneventful weekend of activity.

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Today's Market Color

07/25/2014

Treasury prices were mostly unchanged overnight after a mix of data from overseas provided little direction.

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The US Economic Calendar Picks Back Up Today

07/24/2014

Treasury prices edged lower overnight on mixed but mostly firmer economic data from overseas.

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The US Economic Calendar Takes A Breather Today

07/23/2014

Treasury prices edged higher overnight with sparse data that was limited to the Bank of England minutes showing a unanimous vote to keep rates unchanged.

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Easing Tensions In Ukraine Are Helping Equities Rebound

07/22/2014

Treasury prices moved lower overnight as strong corporate earnings reports and easing tensions in Ukraine are helping equities rebound.

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Tensions In The Middle East And Ukraine Remain High

07/21/2014

Treasury prices were mostly unchanged over the weekend as tensions in the Middle East and Ukraine remain high.

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Today's Market Color

07/18/2014

Treasury prices moved modestly lower overnight on profit taking from yesterday's geopolitical induced flight to quality bid.

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Escalating Sanctions On Russia

07/17/2014

Treasury prices moved higher overnight as escalating sanctions on Russia have equity markets under pressure.

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The US Economic Calendar Is Robust Once Again

07/16/2014

Treasury prices were mostly unchanged overnight despite firm employment data from Europe and reassuring data on China's GDP.

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Very Busy Day On The US Economic Calendar

07/15/2014

Treasury prices edged slightly higher overnight ahead of a very busy day on the US economic calendar.

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Activity Quickly Picks Up

07/14/2014

Treasury prices are drifting lower as today provides a quiet start to a busy week of activity.

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Angst Eased Over Portuguese Debt

07/11/2014

Treasury prices moved modestly higher overnight as yesterday's bid was maintained even as angst eased over Portuguese debt.

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Today's Market Color

07/10/2014

Treasury prices moved higher overnight as softer than expected economic data from China and Europe combined with concerns on Portugal's banking system to create a flight to quality bid.

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US Economic Calendar Finally Awakens Today

07/09/2014

Treasury prices drifted modestly lower overnight after a quiet overseas session.

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Today's Market Color

07/08/2014

Treasury prices are higher this morning as a dearth of economic data continues this week.

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Treasury Prices Nearly Unchanged

07/07/2014

Quiet this morning after the three day weekend with Treasury prices nearly unchanged and no economic data to be released today.

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Job Growth Of Was Well Above Consensus Estimates

07/03/2014

Treasury prices were relatively flat overnight as markets awaited this morning's hectic schedule.

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Prices Are Moving Lower

07/02/2014

Treasury prices were mostly unchanged overnight on light volumes and light data.

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Today's Market Color

07/01/2014

Treasury prices are slightly higher to start off this July 4th holiday shortened trading week.

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Treasury Prices Edged Lower Overnight

07/01/2014

Treasury prices edged lower overnight as firm data on China's manufacturing overshadowed weaker data from Europe.

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US Economic Calendar Ends With A Whimper

06/27/2014

Treasury prices moved higher overnight despite a slew of overseas data that was mixed but mostly firmer than expected.

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Economic Calendar Continues Its Brisk Pace

06/26/2014

Treasury prices were mostly unchanged overnight after an uneventful session.

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Today's Market Color

06/25/2014

Treasury prices were relatively flat overnight as mixed data from overseas did little to provide market direction.

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Treasury Prices Moved Higher Overnight

06/24/2014

Treasury prices moved higher overnight in response to a combination of weaker data from Europe, dovish comments from BOE's Carney and tensions in Iraq.

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Softer Than Expected Results From Europe

06/23/2014

Treasury prices are edging higher this morning as better than expected data on manufacturing from Asia was offset by softer than expected results from Europe. The US economic calendar is active throughout the week with data scheduled each day.

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Today's Market Color

06/21/2014

Treasury prices moved modestly higher overnight on soft data from overseas but traders were mainly focused on today's May Employment Report.

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Treasury Prices Drift Lower

06/20/2014

Treasury prices drifted lower overnight after a fairly uneventful session. After a robust week of data and activity, markets will likely get a breather today.

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Jobless Claimes In-line with Expectations

06/19/2014

Treasury prices held onto yesterday's gains as fairly limited overseas data was softer than expected and provided a little extra boost overnight. The US economic calendar remains active today with data on employment and manufacturing.

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Mortgage Applications Dip 9.2%

06/18/2014

Treasury prices held onto a modest bid overnight as the market prepares for today's FOMC meeting announcement. Overnight data was limited but softer than expected and the BOE Minutes were not quite as hawkish as expected with no dissenters noted.

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Treasury Prices Edge Lower

06/17/2014

Treasury prices edged lower overnight as investors overlooked softer than expected data from Europe and focused on the two day FOMC meeting that begins today.

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Escalating Tensions Overseas Spook Equity Markets

06/16/2014

Treasury prices moved higher over the weekend as escalating tensions in Iraq and Ukraine continue to spook equity markets. The US economic calendar picks up the pace this week a heavy dose of data leading up to Wednesday's FOMC meeting.

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Concerns of Escalating Violence in Iraq

06/13/2014

Treasury prices are under modest pressure this morning as hawkish comments from the Bank of England are being partially offset by concerns of escalating violence in Iraq.

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Retail Sales Improve

06/12/2014

Treasury prices edged slightly lower overnight after a fairly uneventful overseas session. Today's US economic calendar finally gives investors some meaningful data.

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Treasury Prices Continue Lower

06/10/2014

Treasury prices continued to edge lower overnight as mixed but slightly firmer data from overseas has pushed yields higher.

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Treasury Prices Move Lower

06/09/2014

Treasury prices moved lower overnight as data from Asia showed Japan's economy grew faster than expected in the first quarter and Chinese exports also beat expectations.

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Unemployement Rate Holds Steady

06/06/2014

Treasury prices moved modestly higher overnight on soft data from overseas but traders were mainly focused on today's May Employment Report.

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ECB Rate Decision

06/05/2014

Treasury prices edged higher overnight ahead of today's ECB rate decision.

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Prices Finally Found Some Support

06/04/2014

Treasury prices finally found some support overnight after two consecutive days of losses.

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Markets Cleared Through Month

06/03/2014

Treasury prices drifted lower over the weekend as markets cleared through month end activity and entered into June.

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Today's Market Color

06/03/2014

Treasury prices were lower overnight as yesterday's downward momentum continued into the overnight session.

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Today's Market Color

05/30/2014

Treasury prices were mostly unchanged overnight as we begin the last trading day of May.

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The US Economic Calendar Is The Busiest Of The Week

05/29/2014

Treasury prices edged higher overnight as yesterday's strong bid was sustained in the later sessions.

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Prices Are Moving Higher

05/28/2014

Treasury prices are moving higher this morning as yesterday's strength carried into the overnight session.

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Holiday Shortened Trading Session

05/23/2014

Treasury prices are drifting slightly higher this morning ahead of today's holiday shortened trading session.

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Today's Market Color

05/22/2014

Treasury prices were mostly unchanged overnight after better than expected data on Chinese manufacturing was offset but softer data from Europe.

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Investors Will Be Looking For Hints On Future Rate Guidance

05/21/2014

Treasury prices edged modestly lower overnight as better than expected data from overseas has helped chip away at yesterday's gains.

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Data Is Absent From The US Economic Calendar

05/20/2014

Treasury prices are bobbing around unchanged this morning as mixed economic data from overseas gave little reason for change.

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US Economic Calendar Gets Off To A Slow Start

05/19/2014

Treasury prices are mostly unchanged this morning after a quiet weekend of overseas activity.

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Today's Market Color

05/16/2014

Treasury prices were mostly unchanged overnight as limited overseas data did little to reverse yesterday's gains.

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Prices Are Drifting Lower

05/15/2014

Treasury prices edged slightly higher overnight as mixed economic data from overseas helped to leave yesterday's gains intact.

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US Economic Calendar Hits The Ground Running

05/14/2014

Treasury prices moved modestly higher overnight as oversea data from both Asia and Europe was disappointing.

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Today's Market Color

05/09/2014

Treasury prices continued the recent trend of limited overnight activity as softer than expected data from overseas failed to produce much of a bid.

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Uninspiring Events Left Prices Drifting Sideways

05/08/2014

Treasury prices were mostly unchanged overnight as uninspiring events left prices drifting sideways.

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Europe Gave Prices A Slight Boost

05/07/2014

Treasury prices edged higher overnight as softer than expected data on manufacturing in Europe gave prices a slight boost.

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Today's Market Color

05/06/2014

Treasury prices were mostly unchanged overnight as a fairly quiet session provided little direction.

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China Has Equities Under Pressure

05/05/2014

Treasury prices edged higher overnight as lower than expected data on manufacturing in China has equities under pressure.

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Unemployment Rate Plunged

05/02/2014

Treasury prices drifted lower overnight ahead of today's employment report.

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Investors Remain Focused

05/01/2014

Treasury prices were slightly lower overnight after mixed economic data from overseas had little impact as investors remain focused on tomorrow's payroll report.

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Today's Market Color

04/30/2014

Treasury prices edged slightly lower overnight after a slew of mixed overseas data failed to provide a clear market direction.

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Negative Data From Overseas Had Little Impact

04/29/2014

Treasury prices grinded modestly lower overnight as mixed but mostly negative data from overseas had little impact.

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Equity Markets Rebounded From Friday's Selloff

04/28/2014

Treasury prices edged lower over the weekend as equity markets rebounded from Friday's selloff.

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Today's Market Color

04/25/2014

Treasury prices moved higher overnight as a warning for Russia from Secretary of State John Kerry combined with an S&P downgrade of Russia's credit rating, point towards increasing tensions in Ukraine.

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US Economic Calendar Is Active Once Again

04/24/2014

Treasury prices edged lower overnight as better than expected data from Europe and strong corporate earnings have equities poised to rally.

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Flurry Of Mixed Economic Data

04/23/2014

Treasury prices were mostly unchanged overnight as a flurry of mixed economic data from Asia and Europe gave markets little guidance.

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Today's Market Color

04/21/2014

Treasury prices were mostly unchanged over the long holiday weekend as many oversea markets were also closed on Monday.

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Today's Market Color

04/17/2014

Treasury prices were mostly unchanged overnight ahead of today's holiday shortened trading session.

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Building Permits Unexpectedly Dropped

04/16/2014

Treasury prices were lower overnight on encouraging news on corporate earnings as well as data that showed China's GDP showed a smaller than expected drop.

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Today's Market Color

04/15/2014

Treasury prices are lower this morning as we start a holiday shortened trading week.

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Equities Under Pressure

04/10/2014

Treasury prices pushed higher overnight after disappointing data from China and Europe had equities under pressure.

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Prices Are Under Modest Pressure

04/09/2014

Treasury prices are under modest pressure this morning as better than expected data from the UK and profit taking are chipping away at the gains from the previous two sessions.

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US Economic Calendar Is Sleepy

04/07/2014

Treasury prices are relatively unchanged this morning as a quiet weekend of activity left Friday's payroll induced gains mostly intact.

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Investors Were Sidelined Ahead Of Today's Employment Report

04/04/2014

Treasury prices were mostly unchanged overnight as investors were sidelined ahead of today's employment report.

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Today's Market Color

04/03/2014

Treasury prices finally held their ground overnight after several consecutive losing sessions.

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Prices Are Modestly Lower

04/02/2014

Treasury prices are modestly lower once again as a quiet overnight session did little to alter yesterday's downward momentum.

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An Easing Of Tensions In The Ukraine

04/01/2014

Treasury prices are starting the 2nd quarter under pressure as better than expected employment data from Europe as well as an easing of tensions in the Ukraine have applied the pressure.

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Today's Market Color

03/31/2014

Treasury prices were lower over the weekend as momentum from Friday's selloff carried over.

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Prices Edged Slightly Lower

03/28/2014

Treasury prices edged slightly lower overnight as better than expected data from Asia was mostly offset by weaker data from Europe.

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Another Uneventful Evening Of Data

03/26/2014

Treasury prices drifted slightly higher overnight after another uneventful evening of data.

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US Economic Calendar Finally Wakes Up

03/25/2014

Treasury prices were mostly unchanged overnight after a fairly uneventful session.

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Today's Market Color

03/24/2014

Treasury prices edged lower over the weekend as continued strength in equity prices overshadowed another round of disappointing economic data from China.

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Prices Were Mostly Unchanged Overnight

03/21/2014

Treasury prices were mostly unchanged overnight as uninspiring data from overseas had little impact.

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Treasury Prices Leveled Off Overnight

03/20/2014

Treasury prices leveled off overnight after yesterday's unexpected hawkish slant to the FOMC text and press conference.

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Today's Market Color

03/19/2014

Treasury prices were mostly unchanged overnight as uninspiring data from overseas did little to divert attention away from today's FOMC meeting.

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Russia Is Not Looking To Split Up The Ukraine

03/18/2014

Treasury prices moved sideways overnight after little in the way economic news was overshadowed by Putin's address to the Russian parliament where he welcomed the annexation of Crimea.

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Equity Markets Moved Higher

03/17/2014

Treasury prices eased lower over the weekend as equity markets moved higher on little economic news.

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Fears Of An Economic Slowdown In China

03/14/2014

Treasury prices were mostly unchanged overnight as yesterday's gains remained mostly intact.

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Treasuries Are Under Modest Pressure

03/13/2014

Treasury prices were relatively flat overnight as mostly disappointing data from Europe and Asia seemed to have little impact on markets.

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Prices Are Modestly Higher This Morning

03/12/2014

Treasury prices are modestly higher this morning as China's slowing economy weighs on equity markets.

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Today's Market Color

03/10/2014

Treasury prices are mostly unchanged this morning as disappointing economic data from China initially produced gains over the weekend but those have been short lived.

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Payrolls Increased

03/07/2014

Treasury prices inched higher overnight as investors remained mostly sidelined ahead of today's jobs report.

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Prices Drifted Lower Overnight

03/06/2014

Treasury prices drifted lower overnight after a fairly quiet session provided little direction for markets.

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The US Economic Calendar Picks Up Momentum

03/05/2014

Treasury prices grinded sideways overnight as a slew of better than expected data from overseas had little impact as investors remained focused on the Ukraine instead.

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Today's Market Color

03/04/2014

Treasury prices reversed course overnight and headed lower as hopes for a peaceful resolution in the Ukraine increased after Putin indicated that troops would not be necessary at this point.

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The Calendar Ends With A Bang

03/03/2014

Treasury prices are higher to start the week as the deepening concerns over the situation in the Ukraine have spawned a flight to quality bid.

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Uptick In Inflation

02/28/2014

Treasury prices are under pressure this morning as better than expected CPI data from Europe indicates an uptick in inflation.

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Tension In Ukraine

02/27/2014

Treasury prices continued to move modestly higher overnight as some of yesterday's momentum carried into the overnight session.

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Today's MArket Color

02/26/2014

Treasury prices are slightly lower to start the day as a bit of profit taking has ensued after yesterday's rally.

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US Economic Calendar Picks Up The Pace

02/25/2014

Treasury prices edged slightly higher overnight as overseas data was mostly in-line with expectations.

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New Home Sales On Wednesday

02/24/2014

Treasury prices are drifting slightly lower this morning after a fairly uneventful weekend.

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Today's Market Color

02/21/2014

Treasury prices are lower this morning with a light day on the economic calendar to round out the week.

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Another Packed Economic Calendar

02/20/2014

Treasury prices are off slightly this morning with another packed economic calendar.

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Today's Market Color

02/19/2014

Treasury prices are higher this morning with a fair amount of economic data out.

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Economic Calendar Heats Up

02/18/2014

Treasury prices are slightly higher this morning with little data of consequence on the calendar today.

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Europe Had Little Impact On Prices

02/14/2014

Treasury prices drifted sideways overnight as better than expected economic data from Europe had little impact on prices.

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Yellen Testifies

02/14/2014

The primary influence on mortgage rates this week was new Fed Chair Janet Yellen's semi-annual testimony before Congress. Although there were no significant surprises, maintaining the status quo for Fed policy was taken as good news for stocks and bad news for bonds. Mortgage rates rose during her testimony and ended the week a little higher.

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Today's Market Color

02/13/2014

Treasury prices moved higher overnight after disappointing data from overseas pressed equities lower.

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Data On The US Economic Calendar Remains Scarce

02/12/2014

Treasury prices drifted lower overnight as yesterday's momentum spilled into the overnight session.

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Today's Market Color

02/11/2014

Treasury prices eased lower overnight as investors awaited the released testimony by new Fed Chair Janet Yellen.

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A Slow Week Lies Ahead

02/10/2014

Treasury prices edged slightly higher overnight as a benign weekend of activity did little to curb the modest carryover momentum from Friday's payroll report.

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Prices Have Reversed Course

02/07/2014

Treasury prices drifted lower overnight as mixed data from overseas did little to distract investors from today's employment report.

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Jobs and Manufacturing Fall Short

02/07/2014

This week's key economic data showed that the performance of the economy in January was weaker than expected. The shortfalls caused stocks to decline and mortgage rates to improve, but the impact was surprisingly small.

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US Economic Calendar Remains Active

02/05/2014

Treasury prices reversed some of yesterday's losses overnight as PMI and retail sales data from Europe was softer than expected.

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Profit Taking Emerged After Yesterday's Rally

02/04/2014

Treasury prices moved lower overnight as a bit of profit taking emerged after yesterday's rally.

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Today's Market Color

02/03/2014

Treasury prices edged slightly lower over the weekend as uninspiring data from Asia and the EU did little to sway markets.

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Disappointing Corporate Earnings Have Spooked Investors

01/31/2014

Treasury prices moved higher overnight as mixed but mostly softer than expected data from overseas helped boost prices.

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Slower Economic Growth

01/31/2014

Bad news for stocks was good news for bonds again this week. Weaker than expected economic data hurt stocks and helped mortgage rates improve to the best levels since Thanksgiving.

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Than Expected Growth In GDP

01/30/2014

Treasury prices moved lower overnight despite a slew of overseas data that was for the most part either disappointing or showed tame inflation.

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Emerging Markets Have Found Stability

01/29/2014

Treasury prices moved sideways overnight as investors remained focused on today's FOMC meeting announcement.

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Raising Rates

01/28/2014

Treasury prices continued to trend lower overnight as last week's gains have been whittled down this week.

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Equity Markets Remain Under Pressure

01/27/2014

Treasury prices moved lower over the weekend on modest profit taking from Friday's rally.

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Prices Move Higher Overnight

01/24/2014

Treasury prices continued to move higher overnight as yesterday's flight to quality bid carried into the later session.

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Chinese Manufacturing Slows

01/24/2014

The driving force for mortgage rates this week came from an unexpected source. Chinese manufacturing data fell short of expectations, causing sharp losses in global stock markets. Investors shifted to relatively safer assets, helping mortgage rates end the week lower.

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US Economic Calendar Finally Wakes Up

01/23/2014

Treasury prices moved higher overnight as disappointing economic data from China overshadowed positive data from Europe.

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Prices Drifted Lower Overnight

01/22/2014

Treasury prices drifted lower overnight on positive news on UK unemployment.

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Fed Remains On Track

01/21/2014

Treasury prices are starting off the holiday shortened trading week lower as better than expected economic growth from China applies pressure.

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Today's Market Color

01/17/2014

Treasury prices were mostly unchanged after another uneventful evening.

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Inflation Remains Tame

01/17/2014

Mortgage rates began the week with downward momentum following last Friday's big miss on the Employment report. That, combined with low inflation, more than offset this week's slightly stronger than expected economic growth data, and mortgage rates ended the week a little lower.

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US Economic Calendar Remains Active

01/16/2014

Treasury prices were mostly unchanged overnight after mixed data from overseas did little to move markets.

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Treasury Prices Mostly Unchanged

01/13/2014

Treasury prices were mostly unchanged over the weekend as markets continued to digest Friday's NFP rally. Overseas activity was light, leaving investors time to gauge the potential impact of the disappoint jobs report on the timing and magnitude of Fed tapering.

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Dip In Labor Participation

01/10/2014

Treasury prices were mostly unchanged overnight heading into today's Nonfarm Payroll report. However, a weaker than expected print has moved prices sharply higher, as payrolls grew a meager +74k vs expectations of +200k.

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Job Gains Fall Short

01/10/2014

Investors were focused on the strength of the labor market this week. A strong reading for job gains in Wednesday's ADP report caused mortgage rates to move a little higher.

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Treasury Prices Edge Higher

01/09/2014

Treasury prices have edged higher this morning as we've stabilized following yesterday's Fed minutes, which were interpreted as relatively hawkish.

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Stronger Than Expected ADP Employment Report

01/08/2014

Treasury prices moved lower overnight in part due to better than expected data from Europe on retail sales. The pressure on treasuries has increased this morning after a stronger than expected ADP Employment report of +238k was well above expectations of a +205k increase.

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Prices Were Mostly Unchanged

01/07/2014

Treasury prices were mostly unchanged overnight despite a flurry of data from Europe that was mostly firmer than expected.

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Today's Market Color

01/06/2014

Treasury prices moved modestly higher over the weekend as disappointing data from China has equities pointing lower.

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Limited Activity

01/03/2014

Treasury prices were mostly unchanged overnight as some overseas markets are still closed and an east coast storm combined to limit activity.

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Improving Economic Activity

01/03/2014

The economic data released this week reflected continued improvement in the economy, but there was little market reaction. While some volatility was seen during the final days of 2013, mortgage rates ended the week with little net change.

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Overseas News Was Uninspiring

01/02/2014

Treasury prices are mostly unchanged to begin 2014 as overseas news was uninspiring.

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Quiet Holiday Week

12/31/2013

The mortgage market was quiet during Christmas week. The few economic reports released this week, including Durable Orders, Jobless Claims, and New Home Sales, were mostly stronger than expected. As a result, mortgage rates ended the week a little higher.

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Today's Market Color

12/31/2013

Treasury prices drifted lower ahead of today's holiday shortened trading session.

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Prices Drifted Lower

11/12/2013

Treasury prices drifted lower over the long holiday weekend as the effects of Friday's Nonfarm Payroll report lingered.

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Prices Were Modestly Lower Overnight

11/06/2013

Treasury prices were modestly lower overnight after mixed economic data from Europe combined with selling from Asia to weigh on prices.

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Market Sold Off Yesterday

10/31/2013

Treasury prices are rallying this morning following yesterday's selloff in the wake of the Fed minutes.

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Today's Market Color

10/30/2013

Treasury prices were mostly unchanged overnight as mixed economic data from Asia and Europe failed to provide a clear market direction.

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US Economic Calendar Heats Up

10/29/2013

Treasury prices continued to tread water overnight after an uninspiring session.

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Little Data For The Market To Digest

10/28/2013

It's quiet this morning with little data for the market to digest.

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Overseas Data Provided Little Direction

10/25/2013

Treasury prices were mostly unchanged overnight after mixed overseas data provided little direction.

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Data On The US Trade Deficit And Employment

10/24/2013

Treasury prices edged slightly higher overnight after softer than expected data from Europe.

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Today's Market Color

10/23/2013

Treasury prices were slightly higher overnight on solid volume as investors continued the rally off of yesterday's employment report.

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Payroll Growth Was Well Below Expected

10/22/2013

Treasury prices were mostly unchanged overnight as investors waited for this morning's release of the delayed September Employment report.

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Investors Shift Focus Back To Economic Data

10/21/2013

Treasury prices edged slightly lower over the weekend but are still near recent highs.

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Strong Central Bank Buying Have Buoyed Prices

10/18/2013

Treasury prices carried yesterday's momentum into the overnight session as reports of strong central bank buying have buoyed prices.

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Congress Reaches Deal

10/18/2013

Congress approved a deal on Wednesday to raise the debt ceiling and to fund the government for a few months. The news lifted both stocks and bonds. The S&P 500 index reached an all-time high. Mortgage rates also improved nicely after the deal was reported.

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Uncertainty To The Economic Recovery

10/17/2013

Treasury prices are higher this morning on the news that Congress successfully kicked the budget can down the road until February.

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Today's Market Color

10/16/2013

Treasury prices are mostly unchanged this morning after mixed data from Europe provided little direction.

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Volatility In MBS Markets

10/15/2013

Headlines about a proposed debt deal in Congress have caused volatility in MBS markets this morning.

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Short Term Debt Deal Remains On The Table

10/11/2013

Treasury prices edged slightly higher overnight after an uneventful evening.

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Progress in Congress

10/11/2013

With government produced economic reports postponed by the shutdown, the budget and debt ceiling discussions in Congress dominated the economic news again this week. The gridlock in Washington and the signs of progress have caused large movements in the stock market, but the impact on mortgage rates has been much more limited, and mortgage rates ended the week just a little higher.

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Glimmers Of A Potential Budget Deal

10/10/2013

Treasury prices are on the defensive this morning as glimmers of a potential budget deal are applying the pressure.

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Nothing New On The Government Shutdown

10/09/2013

Treasury prices moved lower overnight as yesterday afternoon's slide carried into the overnight session.

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Today's Market Color

10/09/2013

Treasury prices are mostly unchanged this morning after mixed data from Europe provided little direction.

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Fears That The Shutdown Will Slow US Recovery

10/07/2013

Treasury prices are higher to start the week as a after an uneventful weekend.

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Investors Are In Limbo

10/04/2013

Treasury prices drifted lower overnight despite weaker than expected data from Europe.

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Today's Market Color

10/02/2013

Treasury prices were mostly unchanged overnight as the ECB announced that it left rates unchanged.

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Congress Was Unable To Break The Deadlock

10/01/2013

Treasury prices moved lower overnight despite overseas data that was softer than expected.

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Today's Market News

09/30/2013

Treasury prices were modestly higher overnight as economic data from China, Japan and Europe was softer than expected. This data combined with the political uncertainty in the US has helped ramp up the flight to quality bid.

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Worries of US Government Shutdown

09/27/2013

Treasury prices edged higher overnight as rumors of a downgrade of Italian debt have circulated. On this side of the Atlantic, worries of a US government shutdown are increasing as Moody's estimated the impact on GDP at -1.4.

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Focus Is On Congress

09/27/2013

The lack of progress in Congress on reaching an agreement on the budget and the debt ceiling was the focus for investors this week. The resulting uncertainty caused investors to shift to safer assets, which helped mortgage rates end the week lower.

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Today's Market News

09/26/2013

Treasury prices continued to hold yesterday's gains overnight as overseas data was mostly in-line with expectations.

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Durable Goods Report Shows Increase

09/25/2013

Treasury prices were mostly unchanged overnight on little economic news. The 10yr seems to have settled into a new range as the dovish tone of the Fed and looming debt-ceiling debate continues to support recent levels.

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Treasury Prices Edge Higher

09/24/2013

Treasury prices edged higher overnight on little economic news but with yesterday's dovish tone from numerous Fed representatives as a backdrop.

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Angela Merkel Re-Elected

09/23/2013

Treasury prices are mostly unchanged this morning amidst mixed economic data from Asia and Europe and news that Angela Merkel has won re-election in Germany.

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Borderline Decision To Hold Off On Tapering

09/20/2013

Treasury prices edge slightly higher overnight on little economic news.

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No Fed Taper

09/20/2013

The most highly anticipated Fed meeting in years captured all the attention this week. The Fed statement caught nearly every investor by surprise, since the Fed did not begin to taper its bond purchase program. Mortgage rates swiftly dropped following the news and ended the week lower.

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Today's Market Color

09/19/2013

Treasury prices were mostly unchanged overnight leaving yesterday's gains largely intact.

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Prices Edge Higher Overnight

09/17/2013

Treasury prices edges higher overnight after mixed economic data from Europe provided little direction.

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Today's Market Color

09/16/2013

Treasury prices rallied over the weekend after Larry Summers unexpectedly withdrew his name from consideration for the Fed Chairman.

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Treasuries Pushed Back Into Positive Territory

09/13/2013

Treasury prices lost momentum yesterday afternoon and that theme flowed into the overnight session.

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Waiting For The Fed

09/13/2013

Ahead of next week's highly important Fed meeting, there was little significant news this week. The US plans for Syria will take some time to decide, so it had little influence on mortgage rates. The majority of the economic data released this week fell short of expectations, which helped mortgage rates end the week a little lower.

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Today's Market Color

09/12/2013

Treasury prices edged higher overnight as yesterday's momentum carried into the later session.

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Verizon Floods The Market

09/11/2013

Treasury prices were up this morning despite reports that President Obama has decided to delay a congressional vote on a response to Syria.

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Today's Market Color

09/10/2013

Treasuries gave back a portion of their recent gains after better than expected economic data from China pressured prices lower.

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Prices Climbed Overnight

09/09/2013

Treasury prices climbed overnight as Friday's employment report rally carried over into the weekend.

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Anxiety Over Syria Increased

09/06/2013

Treasury prices bounced modestly higher overnight after 10yr hit the psychological 3.00% threshold.

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Jobs Fall Short

09/06/2013

A lack of US military action in Syria caused investors to reverse last week's safety trade, while mixed economic data was roughly neutral. As a result, mortgage rates ended the week higher.

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Prices Sagged Overnight

09/05/2013

Treasury prices sagged overnight on heavy volumes as the 10yr yield continues to inch closer to 3.00%.

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The International Trade Gap Widened

09/04/2013

Treasury prices drifted lower overnight after data on Euro area GDP was in line with expectations but retail sales were slightly below expectations.

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Today's Market Color

09/03/2013

Treasury prices are lower to start off September as economic data, specifically PMI, from China and Europe was better than expected.

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Modest Lift To Prices

08/30/2013

Treasury prices were slightly lower overnight as a flurry of economic data from Asia and Europe was mostly as expected but with a slight bias towards disappointment.

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Concerns About Syria

08/30/2013

Increased concerns about the conflict in Syria caused investors to shift to safer assets this week. Mixed economic data was roughly neutral. As a result, mortgage rates ended the week a little lower.

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Mixed Overseas Economic Data Failed

08/29/2013

Treasury prices drifted lower overnight after mixed overseas economic data failed to completely stem the momentum from yesterday's moderate selloff.

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Rumors Of Assad Leaving Syria

08/28/2013

Treasury prices gave back some of yesterday's gains after rumors of Assad leaving Syria for Iran were intertwined with leaked plans of an imminent US strike on Syria.

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Today's Market Color

08/27/2013

Treasury prices edged higher overnight as the escalating situation in Syria caused a modest flight to quality bid.

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Treasury Prices Moved Into Positive Territory

08/26/2013

Treasury prices were mostly unchanged leading into the last unofficial week of summer.

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The US Economic Calendar Winds Down

08/23/2013

Treasury prices drifted slightly lower overnight after an uneventful evening.

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Taper Timing

08/23/2013

It was a volatile week for mortgage rates. The FOMC Minutes suggested that the Fed will begin to taper its bond purchases in the near future as expected, but a surprising decline in the New Home Sales data made that outcome less certain.

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The US Economic Calendar Finally Awakens

08/22/2013

Treasury prices were relatively unchanged overnight, leaving yesterday's gains mostly intact.

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Prices Have Leveled Off

08/22/2013

Treasury prices were lower overnight as better than expected economic data from Asia and Europe added to the pressure created by yesterday's FOMC meeting minutes.

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Slump In Equity Prices

08/20/2013

Treasury prices finally regained a foothold overnight as a slump in equity prices steered investors towards the safety of fixed income.

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Potential New Leadership Choices

08/19/2013

Treasury prices are starting off the week lower as investors remain on the defensive after last week's selloff.

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Tapering Talk Has Hit The Air Waves

08/16/2013

Treasury yields have settled in just below yesterday's post data release levels with a light day on the economic front relative to Thursday's heavy calendar.

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Taper Talk Hurts Mortgage Rates

08/16/2013

This week, a broader consensus formed that the Fed will begin to taper its bond purchase program in September or October, and investors reacted by selling US stocks and bonds. The US economic data released this week provided little reason for the Fed to wait, and the European data showed unexpected strength. As a result, mortgage rates ended the week higher.

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Market Looks To Be Highly Directional

08/15/2013

The market was calm yesterday with Treasury issues closing nearly flat, however rates were under pressure overnight and have spiked following this morning's data releases.

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Mortgages Are Just Barely Outperforming Treasury Issues

08/14/2013

The market is steady this morning with yields slightly lower following yesterday's selloff. Mortgages are just barely outperforming Treasury issues.

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Light Volume In The Treasury Market

08/13/2013

Yesterday the market slid in the early afternoon and never regained its footing with light volume in the Treasury market.

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Today's Market Color

08/12/2013

On Friday the market was fairly stable given lower production and light economic data.

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Today's Market Color

08/09/2013

The market continued to rally yesterday following the worst 30YR bond auction in terms of Bid-to-Cover Ratio since 2011.

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Consistent Fed Message

08/09/2013

Following the roller coaster ride last week, this was one of the quietest weeks for mortgage rates in a very long time. While last week contained a Fed meeting, Employment report, and GDP data, there was very little significant economic news this week, and mortgage rates barely changed.

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Market Continues Its Upward Trend

08/08/2013

The market continues its upward trend following yesterday's market movement.

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Volumes Have Stabilized After The Recent Slide

08/07/2013

Treasury prices moved higher overnight, aided by comments from the Bank of England that indicate easing will remain in place until the unemployment rate falls to 7%.

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Europe Applied Modest Pressure To Prices

08/06/2013

Treasury prices edged slightly lower overnight after better than expected data from Europe applied modest pressure to prices.

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Europe Is Eating Away At The Gains

08/05/2013

Treasury prices are lower to start the week as better than expected data from China and Europe is eating away at the gains produced by Friday's payroll report.

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Drop In Labor Participation

08/02/2013

Treasury prices were slightly lower this morning after a quiet overnight session, which gave investors a chance to prep today's employment report.

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Rates Are Expected To Stay Low

08/01/2013

Treasury prices edged lower overnight on better than expected economic data from China.

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Today's Market Color

07/31/2013

Treasury prices were modestly lower overnight as investors prepared for today's busy schedule.

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Traders Prepare For Tomorrow's FOMC Meeting

07/30/2013

Treasury prices were mostly unchanged overnight but are drifting higher this morning as traders prepare for tomorrow's FOMC meeting.

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Pivotal Week Of Economic Activity

07/29/2013

Treasury prices are mostly unchanged to start off a pivotal week of economic activity.

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Today's Market Color

07/26/2013

Treasury prices are slightly higher this morning with no economic data out at this point.

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Big Week Ahead

07/26/2013

Ahead of major economic news next week, it was a relatively quiet week for mortgage rates. Mixed economic data and average Treasury auction results provided little direction. As a result, mortgage rates ended the week just slightly higher.

Read More »


Treasury Supply Has Weighed On Markets

07/25/2013

Treasury prices edged lower overnight as yesterday's selloff carried into later sessions.

Read More »


Prices Are Lower Once Again Today

07/24/2013

Treasury prices are lower once again today as better than expected data from Europe overshadowed disappointing data from Asia.

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Equity Markets Are Moving Higher

07/23/2013

Treasury prices are modestly lower this morning as equity markets are moving higher.

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Today's Market Color

07/22/2013

Treasury prices are inching higher this morning after an uneventful weekend.

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Retail Sales Below Target

07/19/2013

Weaker than expected Retail Sales data helped mortgage rates this week. Soothing comments from Fed Chief Bernanke also were a positive influence, and mortgage rates ended the week lower.

Read More »


The Weekly Jobless Claims Report Was Better Than Expected

07/18/2013

Treasury prices were mostly unchanged overnight as prices held onto most of the gains generated from Mr. Bernanke's testimony yesterday.

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Today's Market Color

07/17/2013

Treasury prices were choppy overnight but hovered near unchanged as markets prepared for the release of Fed Chairman Bernanke's testimony.

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The US Economic Calendar Remains Active

07/16/2013

Treasury prices were mostly unchanged overnight as mixed economic data from the EU did little to move markets.

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Prices Were Lower To Start Off The Week

07/15/2013

Treasury prices were lower to start off the week as mixed but mostly disappointing economic data from China failed to create much of a bid.

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Today's Market Color

07/12/2013

Treasury prices continued to rebound overnight in a continuation of the bid spawned by Chairmen Bernanke speech on Wednesday.

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Fed Policy Drives Rates

07/12/2013

The primary influence on mortgage rates this week was shifting expectations for Fed policy. Fed Chief Bernanke eased investor concerns about tighter monetary policy, causing mortgage rates to end the week lower, reversing a good portion of the prior week's increase.

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Bernanke's Comments Helped To Assuage Investor Anxiety

07/11/2013

Treasury prices rallied overnight as markets digested Fed Chairman Bernanke's dovish late afternoon comments.

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The Economic Calendar Is Fairly Quiet Today

07/10/2013

Treasury prices were choppy overnight but edged slightly higher despite hawkish comments from SF Fed President Williams after the close yesterday.

Read More »


Another Yawn On The Economic Calendar

07/09/2013

Treasury prices were mostly unchanged overnight as investors assessed yesterday's rebound from Friday's apparent overreaction to the NFP report.

Read More »


The Turmoil In Egypt Remains In News

07/08/2013

Treasury prices stabilized over the weekend, recovering a small portion of Friday's sizeable losses.

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Prices Were Moved Lower Overnight

07/05/2013

Treasury prices were moved lower overnight as equity prices were higher after dovish comments from ECB President Draghi.

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Prices Moved Higher Overnight

07/03/2013

Treasury prices moved higher overnight as turmoil in the Portuguese government is reawakening past worries of the debt crisis in Europe.

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Today's Market Color

07/02/2013

Treasury prices were mostly unchanged overnight as overseas activity was fairly quiet.

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Overnight News Was Mixed

07/01/2013

Treasury prices are modestly lower to start off this holiday shortened trading week.

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Prices May Have Bottomed

06/28/2013

Treasury prices continued to be better bid overnight as investors are becoming more comfortable that prices may have bottomed.

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Fed Speeches Drive Markets

06/28/2013

It was another incredibly volatile week as investors attempted to determine the impact of last week's Fed announcement on mortgage rates. Early in the week, mortgage rates continued to move higher, but soothing comments from Fed officials caused mortgage rates to reverse direction. After all the daily swings, mortgage rates ended the week a little lower.

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Prices Continued To Move Higher Overnight

06/27/2013

Treasury prices continued to move higher overnight as yesterday's momentum rolled into the later session.

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Fears Of A Cash Crunch In China

06/26/2013

Treasury prices continued to rebound overnight as ECB indicated that it will not be ending accommodative policies in the near term and fears of a cash crunch in China are beginning to subside.

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The Economic Calendar Gets In Gear Today

06/25/2013

Treasury prices finally found a bid overnight in a response to two separate attempts by Fed officials at some damage control yesterday.

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Treasury Prices Continued To Get Pummeled Overnight

06/24/2013

No rest for the weary as treasury prices continued to get pummeled overnight.

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Fed Lays Out Plan to Taper

06/21/2013

It began as a decent week for mortgage rates. Ahead of Wednesday's highly anticipated Fed meeting, mortgage rates were a little lower on a week-over-week basis, as reflected in the weekly survey from Freddie Mac. Investors, however, pushed rates significantly higher after the Fed statement and press conference.

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Fed Will Continue Asset Purchases

06/20/2013

Treasury prices continued to get hammered overnight as the 10yr yield touched 2.45%.

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Investors Are Waiting For The Fed Announcement

06/19/2013

MBS have moved lower ahead of the Fed announcement and are now down -4/32, 8/32 below morning highs, and at the low for the day.

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Data On Inflation And Housing

06/18/2013

Treasury prices edged lower overnight as President Obama hinted that Fed Chairman Bernanke would likely be leaving when his term expires in January.

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Today's Market Color

06/17/2013

Treasury prices are mostly unchanged this morning with little on the economic data front today, though the calendar picks up as the week progresses.

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Fed Will Not Raise The Fed Funds Rate

06/14/2013

The main influence on MBS today again has been expectations for Fed policy.

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Looking Ahead To Fed Meeting

06/14/2013

Shifting investor expectations about the timing of Fed tightening worked in favor of mortgage rates this week. The economic data released this week had little impact. As a result, mortgage rates ended the week a little lower.

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Economic Calendar Finally Gets In Gear

06/13/2013

Treasury prices were well supported overnight as equity prices fell after the World Bank lowered its global GDP forecast late yesterday.

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Pricing Remains Volatile

06/12/2013

Treasury prices were mostly unchanged overnight with limited news to move markets.

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Investors Hoping For New Measures

06/11/2013

While investors expect the Fed to taper its bond purchases at some point, this morning they must consider that less stimulus than previously expected may be coming from the Bank of Japan (BOJ) and the European Central Bank (ECB).

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Today's Market Color

06/10/2013

Treasury prices are mostly unchanged this morning as investors assess Friday's NFP data and the resulting selloff.

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Mixed Results As Payrolls Increased

06/07/2013

Treasury prices were mostly unchanged overnight as investors were sidelined heading into today's payroll report.

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Jobs Data On Target

06/07/2013

This week, investors were focused on Friday's monthly Employment report. A high degree of volatility preceded the report, but the net result of the large daily movements was just a small increase in mortgage rates for the week.

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Prices Have Reversed Course

06/06/2013

Treasury prices edged higher overnight after disappointing news on German factory orders.

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Trading Remains Choppy

06/05/2013

Treasury prices rebounded modestly overnight after yesterday's selloff.

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Uninspired Session Left Yields Mostly Unchanged

06/04/2013

Treasury prices leveled off overnight as an uninspired session left yields mostly unchanged.

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This Week's Economic Calendar Is Quite Active

06/03/2013

Treasury prices are edging lower this morning as better than expected data from China and Europe is applying pressure.

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Fed's Influence on Mortgage Rates

05/31/2013

Shifting expectations for the timing of the Fed's move to taper its bond purchases were the main influence on mortgage rates this week and caused extremely high levels of daily volatility. Stronger than expected economic data and comments from Fed officials caused investors to think that the Fed will begin to scale back its bond purchases sooner than previously expected. As a result, mortgage rates ended the week higher.

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Today's Market Color

05/30/2013

Treasury prices edged lower overnight despite losses in overseas equity markets, specifically the Nikkei.

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Equity Markets Are Moving Higher

05/29/2013

Treasury prices are under pressure this morning as equity markets are moving higher after a fairly quiet holiday weekend.

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Concerns Of Fed Tapering Are Still Weighing Heavy

05/29/2013

Treasury prices moved lower overnight in a continuation of yesterday's carnage.

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Holiday Weekend Have Prices Moving Sideways

05/24/2013

Treasury prices were mostly unchanged overnight as mixed data from Europe and the approaching holiday weekend have prices moving sideways.

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When Will The Fed Taper?

05/24/2013

For months, investors have been focused on the question of when the Fed will begin to scale back its massive bond buying program. On Wednesday, comments from Fed Chief Bernanke and the Fed Minutes caused investors to think that the tapering may begin sooner than expected. The acknowledgment that Fed officials believe that economic growth actually could pick up quickly enough to justify a reduction in monetary stimulus was encouraging, but it was bad news for mortgage rates.

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Better Than Expected Weekly Jobless Claims Report

05/23/2013

Treasury prices rebounded modestly overnight as equity markets have sold off.

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Prices Unchanged

05/22/2013

Treasury prices were unchanged overnight as investors await the release of the FOMC meeting minutes.

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Investors Remain Focused On Fed Policy

05/21/2013

Treasury prices drifted higher overnight after another uneventful session.

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Today's Market Color

05/20/2013

Investors viewed the early strength in MBS as an opportunity to sell.

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Mixed Economic Data

05/17/2013

Mortgage rates have been highly sensitive to the economic data in recent weeks. Daily volatility has been high even from reports which usually produce a limited reaction. The balance of the data released this week was stronger than expected, which caused mortgage rates to end a little higher.

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Inflation Continues To Be Contained

05/16/2013

Treasury prices were mostly unchanged overnight but are moving higher this morning after another round of disappointing data.

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US Economic Calendar Is Active

05/15/2013

Treasury prices are rebounding this morning after a slew of overnight GDP reports from Europe came in below expectations.

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Quiet Session Provided Little Direction

05/14/2013

Treasury prices edged higher overnight after a fairly quiet session provided little direction.

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An Unexpected Increase In The April Retail Sales

05/13/2013

Treasury prices traded lower over the weekend after the Hilsenrath article was released, which mapped out a Fed exit from QE.

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Prices Moved Lower Overnight

05/10/2013

Treasury prices moved lower overnight as equity markets resumed their march higher.

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Equity Markets Relented Overnight

05/09/2013

Treasury prices are inching higher once again today after ending the recent 3-day slide yesterday.

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Prices Have Started To Drift Lower

05/08/2013

Treasury prices held steady overnight despite better than expected data from China and Germany.

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Prepay Speeds For April Are Out

05/07/2013

Treasury prices are off slightly this morning with a few minor economic releases ahead.

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Equity Markets Continue To Be Perched At Or Near Record Levels

05/06/2013

Treasury prices were mostly unchanged over the weekend as the dust settled from Friday's selloff and some overseas markets were closed for holiday.

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Prices Headed South

05/03/2013

Treasury prices were mostly unchanged overnight as investors were sidelined ahead of the payrolls report.

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Unemployment Rate Falls

05/03/2013

During a week packed full of major economic news, the big market mover was Friday's stronger than expected Employment report, and mortgage rates ended the week higher. This week's Fed and ECB meeting announcements produced some volatility but had little net impact.

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Downward Pressure Increased

05/02/2013

Treasury prices were slightly lower overnight but the downward pressure increased after the ECB announced plans to cut its key interest rate to a record low.

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Today's Market Color

05/01/2013

Treasury prices moved sideways overnight as many overseas markets were closed for holiday and also as investors settled in ahead of today's FOMC meeting conclusion.

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Prices Crept Higher Overnight

04/30/2013

Treasury prices crept higher overnight after another round of disappointing economic data from Europe.

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Today's Market Color

04/29/2013

Treasury prices are slightly higher this morning after a quiet weekend that included much of Asia being closed for holiday.

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Overnight Activity Was Muted Once Again

04/26/2013

Treasury prices hovered near unchanged last night as overnight activity was muted once again.

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GDP Improves

04/26/2013

With little news, mortgage rates barely moved for the first four days of this week. Friday's weaker than expected GDP data was favorable for mortgage rates, however, and caused rates to end the week a little lower.

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Spain's Unemployment Continues To Rise

04/25/2013

Treasury prices were flat overnight as better than expected data on UK GDP was offset by news that Spain's unemployment continues to rise.

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Prices Edged Lower Overnight

04/24/2013

Treasury prices edged lower overnight despite softer than expected economic data from Germany. However, prices retraced these losses this morning after a much weaker than expected Durable Goods Orders report.

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US Housing Continues To Show Signs Of Improvement

04/23/2013

Treasury prices are benefiting this morning from reports of slower than expected manufacturing data from China.

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Prices Are Drifting Lower

04/22/2013

Treasury prices are drifting lower this morning as equity markets inch higher.

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Equities Received A Boost

04/19/2013

Treasury prices moved modestly lower overnight after equities received a boost from G-20 news that Japan's latest economic policies went unopposed.

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Low Inflation, Moderate Growth

04/19/2013

While it was a rough week for the stock market, mortgage markets were very quiet. The economic data contained no major surprises, and there was little change in mortgage rates during the week.

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Flight To Quality Bid Has Yet To Falter

04/18/2013

Treasury prices edged lower overnight on light volumes. The 10yr yield continues to orbit 1.70% as the recent flight to quality bid has yet to falter.

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Fed Speak Remains Heavy

04/17/2013

Treasury prices are edging higher this morning after a fairly quiet overnight session.

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Details Are Still Limited On The Boston Marathon Bombing

04/16/2013

Treasury prices moved lower overnight giving back yesterday's gains. Details are still limited on the Boston Marathon bombing and the market implications of this event are being offset by hawkish comments from Fed President Plosser and an announced deal on Greek reforms.

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Today's Market Color

04/15/2013

Treasury prices are mostly unchanged this morning as comments from Fed President Rosengren about tapering off QE have been offset by weaker than expected economic data from China.

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Gloomy Details On Retail Sales

04/12/2013

Treasury prices were solidly higher overnight after the IMF lowered both its global and US economic growth forecasts and Cyprus is apparently looking for additional aid from the EU.

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Mortgage Rates Hold Steady

04/12/2013

Following last week's large rally, it was a relatively quiet week for mortgage rates. In the economic reports released this week, inflation remained low and the economic growth data was mixed. Mortgage rates ended the week with little change.

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Today's Market Color

04/11/2013

Treasury prices edged higher this morning after a quiet overnight session.

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China's Exports Rose Less Than Forecast

04/10/2013

Treasury prices continue to be under modest pressure this week as a portion of last week's gains have eroded away.

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Equity Markets Are Edging Higher

04/09/2013

Treasury prices are mostly unchanged this morning as equity markets are edging higher.

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Friday's Price Gains Have Held Up Well

04/08/2013

Treasury prices were mostly unchanged over the weekend as Friday's price gains have held up well.

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Results Were Well Below Expectations

04/05/2013

Treasury prices edged lower overnight as the flight to quality bid has been prevalent all week.

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Job Gains Fall Short

04/05/2013

A wide range of economic news was favorable for mortgage rates this week. The Employment data was weaker than expected, Japan expanded its bond-buying program, and tensions with North Korea increased. As a result, mortgage rates ended the week significantly lower.

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Prices Were Mostly Unchanged Overnight

04/04/2013

Treasury prices were mostly unchanged overnight as markets digested the Bank of Japan announcement of a stronger than expected increase to their bond purchase program.

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Today's Market Color

04/03/2013

Treasury prices moved sideways overnight with little news to report. Investors seem to be waiting for further developments from Italy and Cyprus, as well as Friday's NF payroll report.

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Cyprus Remains In The Headlines

04/02/2013

Treasury prices are slightly lower this morning as Cyprus remains in the headlines with news that its finance minister resigned amidst attempts to get easier bailout terms.

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Prices Are Drifting Lower

04/01/2013

Treasury prices are drifting lower this morning in response to better than expected data from China.

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Cyprus Banks Have Reopened

03/28/2013

Treasury prices were mostly unchanged overnight as mixed economic data from Europe did not provide a clear direction for investors.

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Flight To Quality Bid Was Prompted

03/27/2013

Treasury prices are solidly higher this morning after a flight to quality bid was prompted by investor anxiety in Europe.

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New Home Sales

03/26/2013

Treasury prices are slightly lower this morning with nothing new out of Europe and a jump in headline Durables Orders, though core orders were off.

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Investors Move Back Into Risk Assets

03/25/2013

Treasury prices are lower this morning as a Cyprus bailout deal was reached over the weekend and investors move back into risk assets.

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Numerous Cyprus Proposals Are Tossed About

03/22/2013

Treasury prices continue to tread water as numerous Cyprus proposals are tossed about.

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Today's Market Color

03/21/2013

Treasury prices stabilized overnight as investors continued to digest yesterday's Cyprus developments and FOMC meeting announcement.

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Uncertainty Around Cyprus Lingers

03/19/2013

Treasury prices continued to move modestly higher overnight as uncertainty around Cyprus lingers.

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Today's Market Color

03/18/2013

Treasury prices are surging higher after Friday's Cypriot announcement spawned a flight to quality bid over the weekend.

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Positive Slant On Recent Economic Data

03/15/2013

Treasury prices were mostly unchanged overnight on little news or data. Somehow treasuries have made it through the majority of this week unscathed despite a positive slant on recent economic data.

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Retail Sales Surge

03/15/2013

The economic growth data released this week was mostly stronger than expected, which normally would push mortgage rates higher. After a large increase last week following strong Employment data, however, rates instead recovered some ground and ended the week a little lower.

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Equities Pushing Higher

03/14/2013

Treasury prices weakened overnight as better than expected economic data from overseas has equities pushing higher.

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Today's Market Color

03/13/2013

Treasury price eked out another small gain overnight as equities remained under modest pressure. Overseas news was limited, leaving investors to wait for today's US economic data.

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Treasury Prices Have Stabilized

03/12/2013

Treasury prices are modestly higher this morning as equity markets are under pressure.

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Industrial Production From China Was Disappointing

03/11/2013

Treasury prices are mostly unchanged this morning as equities take a breather from last week's record setting pace.

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Data From China Has Applied Additional Pressure

03/09/2013

Treasury prices continued to edge lower overnight as better than expected data from China has applied additional pressure. However, the trend lower has continued all week as investors seem to be biased towards staying short heading into today's payroll report.

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Unemployment Rate Declines

03/08/2013

Unexpected strength in the labor market was seen this week. The good economic news lifted the Dow stock index to a record level, but it also pushed mortgage rates higher.

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ECB Kept Interest Rates On Hold

03/07/2013

Treasury prices edged higher overnight as fixed income attempted to stabilize after slowly selling off over the past three sessions.

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Today's Market Color

03/06/2013

Treasury prices moved lower once again overnight as equity markets continued to climb higher.

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The Calendar Finally Gets Started

03/05/2013

Treasury prices fell modestly overnight as better than expected data from Europe is pushing equities higher.

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Equity Markets Are Trending Lower

03/04/2013

Treasury prices are mostly unchanged this morning even as equity markets are trending lower on weaker than expected data from China.

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Spending Cuts Set To Begin

03/01/2013

Treasury prices continued to edge higher overnight as a number of global economic reports produced disappointing results.

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Italian Uncertainty Helps Mortgage Rates

03/01/2013

The biggest influence on mortgage rates this week came from the Italian election, which reignited investor concerns about Europe and prompted a flight to safer assets. Fed Chief Bernanke continued to show strong support for the Fed's bond buying program, which was also positive for mortgage rates. As a result, mortgage rates ended the week lower.

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Prices Firmed Overnight

02/28/2013

Treasury prices firmed overnight and retraced yesterday's late day slide.

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US Economic Calendar Remains Active

02/27/2013

Treasury prices edged higher overnight as political uncertainty in Europe and reassuring words from Fed Chairman Bernanke have helped support prices.

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The Dust Is Still Settling

02/26/2013

Treasury prices are mostly unchanged this morning as treasuries seem to have stabilized overnight after yesterday's flight to quality rally.

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US Will Be Watching For Any Signs Of A Break

02/25/2013

Treasury prices edged lower overnight as US equities are poised to open the week higher, but MBS have rallied back a bit.

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Today's Market Color

02/22/2013

Treasury prices are unchanged this morning with no economic data scheduled for release today.

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Core Inflation Remains Low

02/22/2013

It was a quiet week for mortgage rates. Most of the economic data came in close to expectations and the Fed Minutes contained no major surprises. As a result, mortgage rates ended the week just slightly higher.

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Today's Market Color

02/21/2013

Treasury prices are up this morning with quite a bit of data on the calendar today.

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Building Permits Increased

02/20/2013

Treasury prices are off slightly this morning following some mixed economic data results.

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Today's Market Color

02/19/2013

Treasury prices are little changed this morning following the three day weekend.

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US Economic Calendar Ends On A Busy Note

02/15/2013

Treasury prices held steady overnight after a fairly quiet night of activity.

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Retail Sales Increase

02/15/2013

Improving economic growth in the US was negative for mortgage rates this week. This was mostly offset by weakness in Europe and Japan, however. As a result, mortgage rates ended the week just a little higher.

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Prices Have Finally Stopped The Bleeding

02/14/2013

Treasury prices have finally stopped the bleeding as disappointing GDP reports from the EU and Japan have helped turn the tide.

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Investors Continue To Shift Money Into Equities

02/13/2013

Treasury prices are lower once again this morning as investors continue to shift money into equities.

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Economic Data Remains Light

02/12/2013

Treasury prices edged lower again overnight as Asia remains mostly sidelined with market holidays.

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Off To A Slow Start

02/11/2013

Treasury prices drifted lower overnight as action was limited with most Asian markets closed for holidays.

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East Coast Is Focusing On The Looming Blizzard

02/08/2013

Treasury prices are modestly higher once again this morning as activity seems to be breaking from the recent trend of alternating days of gains and losses.

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Data On US Labor

02/07/2013

Treasury prices continue to meander within the recent range as overnight price movement partially retraced yesterday's gains.

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Pedestrian Economic Calendar Feeds Investors Little Data

02/06/2013

Treasury prices are pushing higher this morning as the 10yr continues to oscillate around a 2.00% yield.

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China And Europe Has Equities Rallying

02/05/2013

Treasury prices are giving up much of yesterday's impressive gains as better than expected as economic news from China and Europe has equities rallying.

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Prices Have Rebounded

02/04/2013

Treasury prices were slightly lower overnight after a quiet weekend of activity. However, prices have rebounded this morning and moved into positive territory on strong buy side demand.

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Prices Are Now Peeking Into Positive Territory

02/01/2013

Treasury prices drifted lower overnight in anticipation of today's jobs report. However, prices are now peeking into positive territory after a somewhat mixed/disappointing report.

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Unemployment Rate Rises

02/01/2013

In a week packed with big economic news, investors feared that the trend toward higher mortgage rates seen this month would continue. The risk that the Fed might signal a scaling back of its MBS purchases concerned investors. In the end, though, a neutral Fed statement and an unexpected increase in the Unemployment Rate allowed mortgage rates to reverse early increases and end the week with little change.

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Today's Market Color

01/31/2013

Treasury prices were better bid overnight as weaker earnings in Europe are weighing on equity prices. Today's economic calendar gives investors something to chew on ahead of tomorrow's nonfarm payroll report.

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The Economy Unexpectedly Shrank

01/30/2013

Treasury prices remained under pressure overnight as equities continued to rally to new highs. The yield on the 10yr broke through the 2.000 support level, hitting levels not seen since the first part of last year.

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Today's Market News

01/29/2013

Treasury prices drifted slightly higher overnight on little news. After a brief spell above the psychological 2.0% threshold, the 10yr seems to have found some support just beneath it.

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Activity Is Heavy

01/28/2013

Treasury prices were modestly lower overnight as the dust settled from Friday's selloff. Global news was limited over the weekend leaving investors to focus this week's rigorous economic calendar.

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Global Economic Growth

01/25/2013

An improving outlook for global economic growth caused investors to shift assets from bonds to stocks, reducing demand for long-term fixed-rate assets including mortgage-backed securities (MBS). As a result, mortgage rates ended the week a little higher.

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Modest Gains Were Wiped Out

01/24/2013

Treasury prices drifted slightly higher overnight on limited news.

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The House Of Representatives Is Scheduled To Vote Today

01/23/2013

Treasury prices are modestly higher this morning after an uneventful overnight session.

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US Housing Market May Have Bottomed

01/22/2013

Treasury prices are lower this morning after the Bank of Japan has announced a 2% inflation target as it switches to a more open-ended easing program.

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Prices Stabilize After Yesterday's Selloff

01/18/2013

Treasury prices are higher this morning as overnight buying has helped prices stabilize after yesterday's selloff.

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Economic Data Exceeds Expectations

01/18/2013

Positive economic data was the primary influence on mortgage rates this week. Unexpected strength in Retail Sales, Housing Starts, and Jobless Claims combined to push mortgage rates a little higher.

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Good News On Labor And Housing

01/17/2013

Treasury prices are lower this morning as yields have already retraced the gains from the last two days.

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World Bank Lowered Its Forecast For Global Economic Growth

01/16/2013

Treasury prices are higher once again this morning as equity markets are under pressure after the World Bank lowered its forecast for global economic growth.

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Today's Market News

01/15/2013

Treasury prices are higher this morning as yields continue to slowly grind lower since peaking at the end of last year.

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Japan Intends To Purchase US Treasuries

01/14/2013

Treasury prices were modestly higher overnight as Japan announced that it intends to purchase US treasuries in an attempt to help stimulate its economy.

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Today's Market News

01/11/2013

Treasury prices moved slightly higher overnight as yields have continued to spend the new year grinding mostly sideways.

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Quiet Week

01/11/2013

Following last week's burst of major economic headlines, which were mostly negative for mortgage rates, there was very little market moving news this week. Mortgage rates reversed a portion of last week's increases, ending the week a little lower.

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Prices Are Under Modest Pressure

01/10/2013

Treasury prices are under modest pressure this morning as better than expected data on China's exports has equities climbing.

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Another Light Economic Calendar

01/09/2013

Treasury prices continue to hover near unchanged as another uneventful evening has provided little fodder for investors.

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Activity Has Been Limited

01/08/2013

Treasury prices were mostly unchanged overnight as activity has been limited since last week's sharp selloff.

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Quiet Weekend Of Headlines

01/07/2013

Treasury prices are relatively flat this morning as a quiet weekend of headlines provided little direction.

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Lasting Impact On Investors

01/04/2013

Treasury prices remained under pressure overnight as the FOMC meeting minutes are having a lasting impact on investors.

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Mortgage Rates Move Higher

01/04/2013

The year began on a rough note for mortgage rates. A one-two combination of a fiscal cliff deal and unfavorable news from the Fed caused mortgage rates to end the week sharply higher. The economic data released this week generally came in close to expectations.

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Focus Shifts Back To Economic Data

01/03/2013

Treasury prices were modestly higher overnight after yesterday's tempered selloff. Investors continue to try to gauge the overall impact of the deal that was finally signed into law by President Obama.

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US Economic Calendar Hits The Ground Running

01/02/2013

Treasury prices are being punished this morning as the last minute budget deal to avert the financial cliff has the flight to quality bid unwinding.

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Today's Market News

12/31/2012

Treasury prices are off slightly this morning as markets await news from ongoing 11th hour fiscal cliff negotiations.

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Continued Fiscal Cliff Fears

12/28/2012

Treasury prices are moving higher this morning on continued fiscal cliff fears as well as lingering concerns on Spain's banking system.

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Housing Ends Year On High Note

12/28/2012

The fiscal cliff talks were the primary influence on mortgage rates again this week. A lack of progress on reaching a deal caused investors to shift to safer assets such as bonds. As a result, mortgage rates ended the week a little lower

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US Economic Calendar Heats Up

12/27/2012

Treasury prices a modestly lower this morning as investors continue to monitor the US fiscal cliff negotiations.

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Traders Seem Content To Remain Sidelined

12/26/2012

Treasury prices are mostly unchanged this morning as activity remains light in this holiday shortened trading week.

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Proof That The World Has Yet To End

12/21/2012

Treasury prices are higher this morning as the painful existence of the fiscal cliff negotiations are proof that the world has yet to end.

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Fiscal Cliff Talks Drive Mortgage Rates

12/21/2012

The fiscal cliff talks were the primary influence on mortgage rates this week. As investor optimism for a deal rose and fell during the week, so did mortgage rates. For the week, mortgage rates ended just a little lower.

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Today's Market News

12/20/2012

Treasury prices were higher overnight as the apparent goodwill in the fiscal cliff negotiations seems to be transitioning back to finger pointing. Overseas news was limited, leaving investors to key on budget negotiations and the US economic calendar.

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The Holiday Season Impacts Activity

12/19/2012

Treasury prices are mostly unchanged this morning as optimism on budget talks continues to fuel equity market gains. Prices were on the defensive yesterday as talk of backup plans and further concessions continue to point towards progress.

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Investors Wait To See If The Potential Progress In Fiscal Cliff Negotiations Is Real

12/18/2012

Treasury prices are mostly unchanged this morning as investors wait to see if the potential progress in fiscal cliff negotiations is real. Prices slid yesterday afternoon amid news that the opposing sides were both willing to makes some concessions.

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Obama Rejected The Latest Republican Offer

12/17/2012

Treasury prices are drifted lower overnight after a fairly quiet weekend of activity. President Obama rejected the latest republican offer on the table but it's created some optimism that the two sides are actually beginning to trade proposals.

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Awaiting Progress On

12/14/2012

Treasury prices are up modestly this morning as markets consume CPI and industrial production results and await progress on "fiscal cliff" negotiations.

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Mortgage Rates Rise After Fed Announcement

12/14/2012

With little progress on the fiscal cliff talks and few surprises in this week's economic data, the Fed meeting was this week's big story. Policy changes announced in Wednesday's Fed statement raised investor concerns about higher future inflation, and resulted in mortgage rates ending the week a little higher.

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Today's Market News

12/13/2012

Treasury prices are mostly unchanged this morning as markets digested yesterday's FOMC decision and the EU announced an agreement on Euro-zone banking supervision.

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Greece Announced Debt Buyback Plans

12/12/2012

Treasury prices were slightly lower overnight as investors await today's conclusion of the FOMC meeting as well as developments on budget talks.

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A Shift In Tone From President Obama

12/11/2012

Treasury prices are lower this morning as better than expected confidence data from Germany has equities rallying.

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News Adds Further Uncertainty

12/10/2012

Treasury prices are higher this morning after Italian Prime Minister Monti announced that he intends to resign after a final attempt to reach a budget deal.

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Employment Report Showed Better Than Expected Results

12/07/2012

Treasury prices were mostly unchanged overnight heading into today's payroll report. Growth forecasts for Germany were cut but investors were more focused on today's data.

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Job Gains Exceed Expectations

12/07/2012

Once again, investors mostly remained on the sidelines waiting for progress on the fiscal cliff talks and the European debt troubles. Headlines in these areas, along with Friday's Employment report, caused daily volatility, but mortgage rates ended the week with little change.

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ECB Left Rates Unchanged

12/06/2012

Treasury prices are slightly higher this morning as markets are showing limited response to S&P's cut of Greece's rating to selective default.

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Rally In Equity Markets

12/05/2012

Treasury prices are a tad higher this morning despite overnight news from China that has prompted a rally in equity markets.

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Real Work Begins

12/04/2012

Treasury prices are off slightly this morning after a quiet overnight session. News from the EU has been limited leaving investors to watch the two sides of the fiscal cliff debate trade volleys.

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China Showed Better Than Expected Results On Manufacturing

12/03/2012

Treasury prices are lower this morning after data from China showed better than expected results on manufacturing. Financial cliff headlines were limited over the weekend but are likely to heat up again today.

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Personal Income And Spending Produced Disappointing Results

11/30/2012

Treasury prices are edging higher this morning after both sides of the fiscal cliff debate are beginning to point fingers. Lawmakers all agree that venturing off the cliff would be a disaster but the flight to quality bid seems to be emerging this morning as the bravado and rhetoric heat up.

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Markets React to Fiscal Cliff Talks

11/30/2012

The main influence on mortgage rates this week was the perceived progress, or lack thereof, on the fiscal cliff talks. US economic data and news from Europe had little impact. Investors grew a little less hopeful during the week about a fiscal cliff deal, so mortgage rates ended the week lower.

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Investors Focused On The US

11/29/2012

Treasury prices were mostly unchanged overnight despite a flicker of hope from House Speaker Boehner that a deal may be possible to avoid the Fiscal Cliff.

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EU Has Approved A Restructuring Plan

11/28/2012

Treasury prices edged higher overnight despite news that the EU has approved a restructuring plan for Spain's banking system.

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US Economic Calendar Shifts Into Gear

11/27/2012

Treasury price are mostly unchanged this morning despite news that a deal has been reached to tweak the Greek aid package. Many view the compromise as a band-aid on a problem that will ultimately require more debt relief.

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Today's Market News

11/26/2012

Treasury prices are higher this morning as budget talks on both sides of the Atlantic continue to sway markets. EU finance ministers are reportedly considering another haircut to help reduce Greece's debt burden.

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Initial Claims Dipped

11/21/2012

Treasury prices were mostly unchanged overnight despite reports that the EU and IMF are at a stalemate on ways to rework/extend the Greek aid package.

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Starts Increased By 894k

11/20/2012

Treasury prices edged lower overnight as investors seem uncommitted to a particular direction. Yesterday's Moody's downgrade of France's credit rating didn't do much to move the market.

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Progress Is Being Made

11/19/2012

Treasury prices are sliding lower this morning as early signs from fiscal cliff discussions indicate progress is being made. However, there is still a long ways to go.

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Lawmakers Begin To Jockey For Position

11/16/2012

Treasury prices were mostly unchanged overnight as there was little news to provide market direction. Discussions are expected to heat up today as lawmakers begin to jockey for position on the fast approaching fiscal cliff.

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US Economic Calendar Remains Active

11/15/2012

Treasury prices were modestly lower overnight as the latest GDP figures from the EU were better than expected but still showed the region slipped into a recession. Meanwhile, indications from Japan hint that more QE could be on the way.

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US Economic Calendar Heats Up

11/14/2012

Treasury prices were modestly lower overnight as Italy's borrowing costs have dipped to the lowest levels in two years but at the same time, labor strikes are spreading across the EU.

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Today's Market News

11/13/2012

Treasury prices are slightly higher this morning to start off this holiday shortened trading week. Over the long weekend, the EU decided to allow Greece two more years to trim down budget deficits rather than press the issue now.

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Global Economic Slowdown

11/09/2012

Treasuries remain in rally mode as investors see little reason to be optimistic. With the election over, markets have shifted focus to the looming fiscal cliff.

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Rates Improve After Obama Victory

11/09/2012

Two major factors were positive for mortgage rates this week. President Obama won the election, and concerns about Europe increased. As a result, mortgage rates ended the week lower.

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Efforts To Stimulate The Economy

11/08/2012

Treasury prices are mostly unchanged today after the Bank of England and ECB both left rates unchanged overnight. Comments from BOE officials indicate that they believe asset purchase programs are starting to show diminishing returns in efforts to stimulate the economy.

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Todays Market News

11/07/2012

Treasury prices are surging this morning on the shoulders of an Obama victory.

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Markets Ponder The Outcome Of Todays Elections

11/06/2012

Treasury prices are lower this morning as yesterdays bid has faded and markets ponder the outcome of todays elections. The polls continue to show a tight race, making it difficult for investors to make a call.

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Investor Focus Is Being Divided

11/05/2012

Treasury prices are solidly higher this morning as investor focus is being divided between the pending US elections, Chinas leadership changes and the Greek austerity vote.

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Quick Selloff In Treasuries

11/02/2012

Treasury prices were mostly unchanged overnight leading into todays NF payroll report. The results were better than expected, prompting a quick selloff in treasuries.

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Job Gains Exceed Expectations

11/02/2012

Mortgage-backed securities trading handled the issues caused by Hurricane Sandy without any major disruptions. Stronger than expected economic data also had little impact, and mortgage rates ended the week with little change.

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Numbers Have Yet To Be Impacted Yet By The Storm

11/01/2012

Treasury prices limped into November as better than expected data from China and Europe put pressure on fixed income overnight. The US economic calendar warms up today ahead of tomorrow NF payroll report.

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Markets Reopen After The Storm

10/31/2012

Treasury prices are slightly lower this morning as markets reopen after the storm related interruptions. Prices were under pressure overnight as reports showed that Spain was able to reduce its budget deficit to 4.39% from the previous level of 4.77%.

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East Coast Prepares For Hurricane Sandy

10/29/2012

Treasury prices are higher this morning as the east coast prepares for Hurricane Sandy. Equity markets are closed and SIFMA has recommended an early market close of 12:00 noon et. for the bond market.

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Todays Market News

10/26/2012

Treasury prices were higher overnight as the market absorbed yesterdays weaker than expected economic and earnings data. Europe was fairly quiet except depressing news that Spanish unemployment has reached 25%.

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GDP Stronger

10/26/2012

In a week packed with a Fed meeting, significant economic data, and Treasury auctions, there were no major surprises to be found. European events, often a source of market moving headlines, also had little impact this week.

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Reports On Durable Goods And US Labor

10/25/2012

Treasury prices were lower overnight as rumors of additional stimulus measures from Japan and positive GDP growth from the UK combined to increase yields.

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US Economic Calendar Finally Gets Into Gear Today

10/24/2012

Treasury prices were mostly unchanged overnight as better than expected manufacturing data from China was counterbalanced by disappointing PMI data from Europe.

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Spanish Woes Move Back To The Forefront

10/23/2012

Treasury prices are on the upside of the seesaw as Spanish woes move back to the forefront. Moodys recent downgrades coupled with Spains latest GDP readings (0.4% contraction) are pushing Spanish debt yields higher.

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Action Picks Up Quickly

10/22/2012

Treasury prices are giving back some of Fridays impressive gains as equities are poised to open higher. Over the weekend, regional elections in Spain are being interpreted as a sign that a formal request for a bailout may be delayed.

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Todays Market News

10/19/2012

Treasury prices are slightly higher this morning with a light economic calendar today.

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Strong Data Hurts Mortgage Rates

10/19/2012

In recent weeks, mortgage rates have been pushed and pulled mostly by Fed policy expectations and European Union headlines. With little news on these fronts, though, the US economic data emerged as the main driver of mortgage rates this week.

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Todays Market News

10/18/2012

Treasury prices are higher this morning as markets try to retrace some of yesterdays selloff. Prices were up overnight as reports showed that Spanish banks are facing a whopping 10.5% of bad loans as a proportion of total lending.

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Spains Current Debt Rating Steady

10/17/2012

Treasury prices are sliding lower again this morning after Moodys held Spains current debt rating steady rather than dropping it to junk status. The US economic calendar throttles back today with a couple of housing related reports.

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Sept CPI Report Produced Mixed Results

10/16/2012

Treasury prices are drifting lower this morning as reports continue to trickle out that Spain is mulling over a credit line vs a bailout. The US economic calendar remains active today as already released Sept CPI report produced mixed results.

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Spain Is Open To A Bailout

10/15/2012

Treasury prices are modestly lower this morning as the weekend produced few headlines. Spain did not formally request aid but is reportedly open to a bailout.

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Todays Market News

10/12/2012

Treasury prices are mostly unchanged this morning after a quiet overnight session. Speculation is increasing that Spain may finally be in the process of asking for a bailout, but well believe it when we see it.

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Global Concerns

10/12/2012

During a relatively quiet week, global concerns caused investors to increase demand for safer assets. Stronger than expected US economic data had little impact. As a result, mortgage rates ended the week a little lower.

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Prices Declined Overnight

10/11/2012

Treasury prices declined overnight despite weaker than expected economic data from Asia and Europe and an S&P downgrade of Spain. Treasury prices have slid further this morning after a better than expected jobless claims report showed a 339k increase vs the consensus opinion of 370k.

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Todays Market News

10/10/2012

Treasury prices are drifting lower this morning on little economic news. Overseas markets were relatively quiet overnight and progress has been muted in Europe, Merkels visit to Greece was capped off with her continued support for Greece to remain in the EU, but there are also reports that Germany is frustrated with the lack of progress on deficit reduction efforts.

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IMF Cut Its Global Growth Forecast

10/09/2012

Treasury prices are higher this morning after the IMF cut its global growth forecast over the long holiday weekend. The International Money Fund indicated that the global economy will grow 3.3% this year vs the previous estimate of 3.5%.

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Surprising Drop In The Unemployment Rate

10/05/2012

Treasury prices were mostly unchanged overnight leading into todays payroll report. However, prices are under pressure after the release showed a surprising drop in the unemployment rate to 7.8% from last months level of 8.1%.

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Employment Data Exceeds Expectations

10/05/2012

An improving US economic outlook and increased optimism about Europe were unfavorable influences on mortgage rates this week. Fed purchases of mortgage-backed securities (MBS) under QE3 helped offset the losses, though.

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Markets Prepare For Two Hefty Days Of Activity

10/04/2012

Treasury prices were modestly lower overnight as markets prepare for two hefty days of activity. Ahead of tomorrows nonfarm payroll report, markets will be digesting the ECB and Bank of England rate decisions today, as well as the FOMC meeting notes.

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Record Low Mortgage Rates Are Boosting Refinance Activity

10/03/2012

Treasury prices were modestly higher overnight as economic data from China and Europe was softer than expected. However, treasuries are now mostly unchanged as the early morning release of the ADP employer services was better than expected.

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Australia Announced A Surprise 25bp Rate Cut

10/02/2012

Treasury prices are lower this morning as investors anticipate a formal bailout request from Spain. Spanish bond yields are dropping as the request would likely trigger ECB bond purchases.

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ISM Manufacturing Index Gets The Ball Rolling

10/01/2012

Treasury prices are mostly unchanged this morning as a quiet weekend has provided no direction for markets. Fridays announcement that Spanish banks will need a EUR 59.3B recapitalization created little fanfare.

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Back In Rally Mode

09/28/2012

Treasuries are back in rally mode after yesterdays brief respite. Markets continue to keep an eye on Spain but with little news overnight, month end allocations appear to pushing treasury prices higher.

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Mortgage Rates Improve on Growth Concerns

09/28/2012

It was another good week for mortgage rates. Concerns about the level of global economic growth and about the progress of reforms in Europe were favorable for mortgage rates, which ended the week lower.

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The Rally Is Taking A Breather

09/27/2012

Treasury prices are actually lower this morning after eight consecutive positive sessions. The rally is taking a breather as investor hopes swirl around a potential new stimulus plan from China.

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Anxiety In Europe Is Increasing

09/26/2012

Treasury prices are edging higher once again as anxiety in Europe is increasing. Debt yields in Italy and Spain are continuing to rise as protests over austerity measures are starting to pop up.

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A Battle Is Looming

09/25/2012

Treasury prices are slightly higher this morning as optimism for Draghis bond purchase plan is eroding. Germany is apparently analyzing the plan for legality and many believe a battle is looming.

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Equity Markets Are Under Pressure

09/24/2012

Treasury prices are opening higher as EU members publically disagreed over the weekend on methods to implement the latest rescue plans. Equity markets are under pressure as France and Germany are quarreling over banking regulation and China and Germany both posted disappointing economic data.

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Bank of Japan Eases

09/21/2012

Global central banks continued to add monetary stimulus this week, which was favorable for US bonds. The economic data was roughly neutral. As a result, mortgage rates ended the week a little lower.

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Todays Market News

09/21/2012

Treasury prices are mostly unchanged this morning as a quiet overnight session has provided little direction to markets. News from the EU has been muted as Spain is reportedly working with EU leaders to form a bailout plan.

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Todays Market News

09/20/2012

Treasury prices are higher once again this morning as economic data from Asia and Europe continues to point towards a global economic slowdown. The US economic calendar remains active today with the latest weekly jobless claims report posting disappointing data.

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BOJ Is Expanding Its Asset Purchase Program

09/19/2012

Treasury prices are pushing higher this morning despite the unexpected news that the BOJ is expanding its asset purchase program. Todays US economic calendar is dominated by housing related data.

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NAHB Housing Market Index Expected To Improve

09/18/2012

Treasury prices are rallying with little economic data out this morning and a heavy schedule for Fed speakers.

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Market News

09/17/2012

After a huge rally on Thursday following the Fed announcement, MBS gave back roughly half of their gains on Friday.

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Markets Are Giving Back

09/14/2012

Treasury prices are lower this morning as markets are giving back some of yesterdays gains. Overseas news was quiet as investors continue to digest yesterdays FOMC meeting results. The US economic calendar remains active today with data on consumer prices, retail sales and industrial production.

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Fed Helps Mortgage Rates

09/14/2012

With few surprises from Europe or the economic data, by far the biggest story of the week was Thursdays Fed announcement. The Feds decision was extremely favorable for mortgage rates, which improved after the news and ended the week lower.

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Prices Are Easing Higher

09/13/2012

Treasury prices are easing higher this morning as investors ready themselves for todays FOMC announcement.

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US Economic Calendar Begins To Heat Up

09/12/2012

Treasury prices are lower this morning after Germanys high court ruled that it will allow the ratification of the ESM, European Stability Mechanism. The move was expected but nonetheless clears another hurdle for Draghis efforts to preserve the EU.

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Todays Market News

09/11/2012

Treasury prices are pushing lower in reaction to a German high court announcement that it would not delay its ruling on the EU bailout fund.

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China Has Added To Investor Concern

09/10/2012

Treasury prices are mostly unchanged this morning as a uneventful weekend has provided little market direction. However, worse than expected trade data from China has added to investor concern about potential economic slowdown.

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Todays Market News

09/07/2012

MBS began the morning in negative territory, adding to the losses seen yesterday. The release of the Employment report sent MBS shooting higher, however. Against a consensus forecast of 130K, the economy added just 96K jobs in August, and the data from prior months was revised lower by 41K.

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Jobs Fall Short

09/07/2012

There were two big economic events scheduled this week, and they both produced large reactions in mortgage rates, but in opposite directions. A new aid program in Europe caused mortgage rates to increase, while weaker than expected Employment data resulted in a substantial improvement in rates. The net effect was a modest decline in mortgage rates for the week.

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Jobless Claims Report Is Better Than Expected

09/06/2012

Treasury prices are lower this morning on high hopes that the ECB will make some headway today in containing the crisis in Europe. The ECB left rates unchanged but investors are most interested in hearing the details of Draghis plans for unlimited purchases of government debt.

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Application Activity Dipped This Week

09/05/2012

Treasury prices are edging lower this morning as reports of German resistance to "excessive" bond purchases are being tempered by ECB President Draghis bond buying program.

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This Weeks US Economic Calendar Is Fairly Active

09/04/2012

Treasury prices are drifting lower this morning even though Europe posted another round of disappointing economic reports and Moodys indicated that it is placing the EU on credit watch negative.

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August Ends With A Bang

08/31/2012

August is ending with a bang as activity on both sides of the Atlantic is keeping investors busy on the last unofficial trading day of summer.

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Bernanke Speech Helps Mortgage Rates

08/31/2012

While there was a full slate of economic data and Treasury auctions this week, investors were focused on a speech by Fed Chief Bernanke on Friday. The resulting increase in expectations for future Fed action was positive for mortgage rates, which ended the week a little lower.

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Personal Income and Spending In Line with Expectations

08/30/2012

Treasury prices are edging higher this morning as disappointing economic data from Asia and Europe continue to point towards a global economic slowdown.

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Mortgage Applications Dip

08/29/2012

MBS have fallen off recently. Treasury prices were mostly unchanged this morning as another quiet overnight session left markets range bound.

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Significant Plan Could Be In The Works

08/28/2012

Treasury prices are modestly higher this morning as a quiet overnight session provided little direction.

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China Has Resurfaced Fears Of A Global Economic Slowdown

08/27/2012

Treasury prices are pushing higher this morning as disappointing economic data from China has resurfaced fears of a global economic slowdown. This weeks US economic calendar gets off to a slow start today but the remainder of the week contains a stead diet of data.

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Treasury Prices Moved Higher Overnight

08/24/2012

Treasury prices moved higher overnight in reaction to reports that the ECB will not finalize its bond plan until German courts weight in on the legality of the bailout fund.

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Fed Action More Likely

08/24/2012

The Fed Minutes were the big story this week, raising expectations that the Fed will provide additional monetary stimulus soon. Mixed US economic data and minor news out of Europe had little impact. As a result, mortgage rates ended the week lower.

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Continued Slowing In Chinese Manufacturing

08/23/2012

Treasury prices are mostly unchanged this morning as investors continue to digest yesterdays FOMC minutes. Markets were fairly quiet overnight with only a report showing continued slowing in Chinese manufacturing garnering some attention.

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MBS Continue To Be Driven By News Out Of Europe

08/22/2012

MBS are up +12/32 (FNMA 30-yr 3.0 at 102.21), which is about 16/32 higher than yesterday at this time. Ahead of the first US economic data of the week, MBS continue to be driven by news out of Europe.

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Investors Are Hopeful That More Aggressive Stimulus Policy Will Result

08/21/2012

Treasury prices are lower this morning on optimism that EU leaders will make significant progress this week on stemming the crisis. Several meetings are planned and investors are hopeful that more aggressive stimulus policy will result.

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Markets Left To Focus On The EU Developments

08/20/2012

Treasury prices are edging lower this morning after weekend reports of a possible ECB plan to cap the sovereign debt yields of troubled EU members.

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Market Awaits A Light Economic Release Day

08/17/2012

Another quiet start to trading with Treasury prices slightly higher as the market awaits a light economic release day.

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Why Have Rates Moved Higher?

08/17/2012

After reaching record lows near the end of July, mortgage rates have moved steadily higher this month, and the trend accelerated this week. While the US economic data was roughly neutral and there was little news out of Europe, mortgage rates continued to rise.

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Headline And Core Consumer Prices Rose Less Than Forecast

08/15/2012

Treasury prices are edging lower this morning though both headline and core Consumer Prices rose less than forecast.

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Todays Market News

08/14/2012

Treasury prices are sagging this morning as headline and core PPI and Retail Sales came in above expectations.

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Slow Start To A Heavy Week

08/13/2012

Treasury prices are little changed this morning with a slow start to a heavy week on the economic release calendar.

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Todays Market News

08/10/2012

The Treasury prices are up this morning and equity futures are pointing to a lower open on soft economic data out of China and another light economic calendar domestically.

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Little Change In Mortgage Rates

08/10/2012

While last week was packed with highly anticipated central bank announcements and significant economic data, there was no major economic news this week. As a result, both mortgage rates and the stock market ended the week with little change.

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Todays Market News

08/09/2012

The Treasury market is quiet this morning following yesterdays 10Y auction and little data to digest. Initial claims slightly lower than expected and little changed week over week.

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Concern About The Slowing Global Economy

08/08/2012

Treasury prices are edging higher this morning as the pendulum swings back to concern about the slowing global economy. An overnight report on German industrial product was below expectations and the BOE cut its growth forecast to zero as the U.K. economy continues to struggle.

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Equity Prices Are Moving Higher

08/07/2012

Treasury prices are on the defensive this morning as the 10 yr yield is above 1.60% for the first time in a month. Equity prices are moving higher as Angela Merkel is reportedly supporting the ECBs bond buying plan that was announced last week.

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Investors Get A Breather This Week

08/06/2012

Treasury prices are slightly higher this morning as the dust settles from Fridays selloff. With most of the corporate earnings season behind us, markets will be even more focused on the EU.

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Treasury Prices Reversed Yesterdays Gains Overnight

08/03/2012

Treasury prices reversed yesterdays gains overnight as investors awaited todays payroll report. The results were better than expected as payrolls increased 163k vs expectations of a 100k increase.

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No Immediate Central Bank Action

08/03/2012

There were several significant influences on mortgage rates this week including the possible Fed announcement of further action to stimulate the economy, the European Central Bank (ECB) announcing its plans to help stabilize the euro-zone, and the July Jobs Report here in the US.

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ECB Will Prepare To Purchase Bonds

08/02/2012

It has been an extremely volatile morning. The ECB President stated that the ECB will prepare to purchase bonds in coming weeks.

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All Eyes On The Fed

08/01/2012

August starts off with a bang as treasury prices are edging lower ahead of a busy day of economic activity. Markets were relatively quiet overnight as all eyes will be on the Fed today.

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Data On Consumer Spending, Housing And Consumer Confidence

07/31/2012

Treasury prices are pushing higher this morning as last weeks selloff continues to unwind. Overseas news was limited, leaving markets to ponder the outcome of the FOMC, ECB and BOE meeting this week.

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Todays Market News

07/30/2012

Treasury prices are edging higher this morning ahead of an exceptionally busy week of activity. Headlines were fairly quiet over the weekend but that will change as the FOMC, European Central Bank and Bank of England are all scheduled to weigh in this week.

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Central Banks Closer to Action

07/27/2012

Reduced concerns about Europe caused investors to shift to riskier assets such as stocks, hurting bonds. Weaker than expected US economic data and potential Fed action helped to limit the losses in bond markets, however.

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Employment, Durable Goods And US Housing

07/26/2012

Treasuries are on the defensive again this morning after ECB President Draghi indicated that they will do everything possible to preserve the Euro.

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MBA Mortgage Applications Index Showed A Slight Gain

07/25/2012

Treasury prices are sliding lower this morning on several different overnight stories. To begin with, news from Europe indicates that the ESM bailout fund may be issued a banking license.

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Todays Market News

07/24/2012

Treasury market is quiet this morning with little change on yields from yesterdays close as news from Europe has been digested.

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Chinese Economic Expansion May Decline Yet Again

07/23/2012

Treasuries are rallying this morning as the 10yr is testing the 1.40% level. This mornings news was headlined by Spanish 10yr yields passing the 7.50% level for the first time as well as increased speculation that Greece will not be able to fulfill its bailout obligations.

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The Flight To Quality Is Being Fueled

07/20/2012

Treasury prices are higher this morning as equity markets are finally taking a breather from the recent rally.

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Weak Data Helps Mortgage Rates

07/20/2012

Bad news this week was good news for mortgage rates. A higher likelihood for further Fed easing and increased concerns about Spain helped mortgage rates improve to new record low levels.

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IBM And Ebay Are Providing A Boost To Equity Markets

07/19/2012

Treasury prices are edging lower this morning as the 10yr continues to saunter around a 1.50% yield. Headlines from Europe have been limited but better than expected earnings from IBM and Ebay are providing a boost to equity markets.

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US Housing Market May Be Bottoming

07/18/2012

Treasury prices are higher this morning as the market recovers most of yesterdays losses. The BOE indicated that is it willing to reconsider a rate cut to boost growth as the EU debt crisis deepens.

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Equity Markets Are Poised To Move Higher

07/17/2012

Treasury prices are moving lower as a busy economic calendar and more importantly, Fed Chairman Bernankes testimony to Congress begin today.

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Senior Bondholders Of Spanish Banks May Be Hit With Losses

07/16/2012

Treasury prices are edging higher this morning after reports indicate that senior bondholders of Spanish banks may be hit with losses. This weeks US economic calendar is busy with a slew of data plus Fed Chairman Bernankes appearances before the Senate banking committee (Tuesday) and House Financial Services Committee (Wednesday).

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Slow Growth Helps Mortgage Rates

07/13/2012

Concerns about the pace of global economic growth dominated the financial news this week. While investors sold bonds in troubled European countries, demand was strong for US bonds, and mortgage rates ended the week at new record low levels.

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Todays Market News

07/12/2012

This morning, weekly Jobless Claims dropped to 350K, well below the consensus of 375K, and the lowest level since March 2008.

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Data On US Trade Gap

07/11/2012

Treasury prices are mostly unchanged this morning as overseas news was limited. With little direction, markets were quiet with very light volumes overnight.

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Better Economic News On UK Manufacturing

07/10/2012

Treasury prices were slightly lower overnight as EU finance ministers announced that they are expediting the process of bailing out Spains banking system.

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Disappointing Economic News From Japan

07/09/2012

Treasury prices are modestly higher this morning after disappointing economic news from Japan. A recent string of gloomy economic data combined with increased uncertainty from Europe is causing the yield on the 10yr to stray below the established 1.60% yield range.

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June Non-Manufacturing ISM Index Is Expected To Dip

07/06/2012

Treasury prices are edging higher this morning amid a flurry of central bank activity. China cut its benchmark rates for the second time in a month and the ECB dropped its rate by 0.25% to 0.75% and also announced it will pay 0% interest on overnight deposits.

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Continued Slowdown In Job Growth

07/05/2012

Treasury prices were tilting into positive territory this morning ahead of the much anticipated non-farm payroll report. The tilt has transformed into a rally as the data was disappointing once again.

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Todays Market News

07/03/2012

Treasury prices are drifting lower this morning as overseas news was limited to an intensification of the probe into Libor manipulation. The big question is how many other institutions will get caught up in the firestorm that has descended upon Barclays.

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Global Economic Slowdown Is Still Feared

07/02/2012

Treasury prices are reversing some of Fridays losses as markets are still trying to figure out the implications of the latest EU plans to ease the debt crisis.

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Calendar Caps Off A Busy Week

06/29/2012

Treasury prices are lower this morning as the current EU summit appears to be making progress of easing the debt crisis. However, the response remains tempered as history shows that apparent headline progress has been frequently undermined by the details that followed.

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EU Announces Aid Plan

06/29/2012

Events in Europe were the primary influence on mortgage rates again this week. The Supreme Courts ruling in favor of Obamas health care plan had little impact on rates.

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Treasury Prices Are Edging Higher

06/28/2012

Treasury prices are edging higher this morning as the latest EU Summit gets underway. Expectations are low that significant progress will be made during the two day meeting in Brussels.

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Todays Economic Calendar Is Busy Once Again

06/27/2012

Treasury prices continue to grind sideways as the European crisis slowly plays out. EU leaders plan to gather tomorrow but Germany was out yesterday voicing opposition to a plans involving shared debt.

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Prices Are Under Pressure

06/26/2012

Treasury prices are modestly lower this morning as the 10yr remains tethered to 1.60% yield range. Prices are under pressure despite overnight news that Spains borrowing costs continued to surge in its latest debt auctions.

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Chinas Economy May Be Worse Than Economic Reports Are Indicating

06/25/2012

Treasury prices were higher over the weekend as Spain officially requested aid for its banking system and a NYTs article is indicating that a slowdown in Chinas economy may be worse than economic reports are indicating.

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Yesterdays Bank Downgrades Were Largely Ignored

06/22/2012

Treasury prices are modestly lower this morning as the 10yr continues to amble slightly above the 1.60% yield range.

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Philly Fed Data Has Helped MBS

06/21/2012

Treasury prices were mostly unchanged overnight as data from overseas was mixed. Chinas manufacturing PMI was the lowest result in seven months, indicating continued slowing in its economy .

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Todays Market News

06/20/2012

Treasury prices are drifting lower ahead of todays FOMC meeting announcement. Expectations vary from status quo, to a new twist on the existing operation twist.

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US Housing Data Continues To Dominate

06/19/2012

Treasury prices are hovering near unchanged as investors continue to wait for major events to unfold. Greece is now in the process of forming a new coalition government, Spains borrowing costs remain elevated and continue to increase and lastly, the FOMC begins its two day meeting today.

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Investors Are Shunning Spains Debt

06/18/2012

Treasury prices are modestly higher this morning as the pro-bailout win in Greek elections is being overshadowed by concerns in both Italy and Spain.

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Investor Optimism Around Additional Government Stimulus Continues To Increase

06/15/2012

Treasury prices are moving higher this morning ahead of this weekends pivotal Greek elections. Prices are improving as investor optimism around additional government stimulus continues to increase.

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Investors Prepare for Greek Elections

06/15/2012

Investors were focused on events in Europe this week, ahead of Sundays Greek elections. The US economic data released during the week was generally weaker than expected. Anticipation of action by global central banks helped mortgage rates end the week a little lower.

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Investors Arent Comfy With The Size Of Spains Bailout

06/14/2012

Treasury prices were slightly lower overnight even as Spanish 10yr debt yields reached 7% in response to yesterdays Moods downgrade. Apparently, investors arent comfy with the size of the Spains bailout.

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Italys Borrowing Costs Continued To Rise Overnight

06/13/2012

Treasury prices are on the defensive once again as the flight to quality bid continues to weaken. This was despite news that Italys borrowing costs continued to rise overnight.

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Import Prices Dipped

06/12/2012

Treasury prices are retreating this morning on hopes that QE3 is becoming more likely after dovish comments overnight by Chicago Feds Charlie Evans. However, this is with the backdrop of the EU crisis spotlight spreading to Italy and fears that a $100B bailout of Spanish banks will not be enough.

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Prices Have Recovered

06/11/2012

Treasury prices were under pressure over the weekend as news of a Spanish bank bailout helped assuage investor angst. However, prices have recovered and are now mostly unchanged this morning as doubts materialize about the details of the bailout plan.

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Todays Market News

06/08/2012

Treasury prices are up again this morning following Chairman Bernankes testimony which offered no hints of another round of easing.

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Central Banks Prepared to Act

06/08/2012

Following a large improvement in mortgage rates and a large decline in stocks last week, investors partially reversed direction this week. The European Central Bank (ECB) and the Fed were the main focus, providing a degree of comfort, and investors were a little more willing to take on risky assets.

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Profit Taking Has Pushed Yields Higher

06/07/2012

Treasury prices have leveled off today after two days of profit taking has pushed yields higher. No significant announcements from the EU and an upcoming speech by Ben Bernanke have markets in a holding pattern.

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The Flight To Quality Bid Continues To Gradually Unwind

06/06/2012

Treasury prices are lower once again this morning as the flight to quality bid continues to gradually unwind. Not surprisingly, the ECB left interest rates unchanged as the EU continues to try to stave off a financial collapse.

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Prices Were Modestly Higher Overnight

06/05/2012

Treasury prices were modestly higher overnight after Spain officially requested outside assistance for its flailing banking system. However, momentum has shifted back this morning to the profit taking that began yesterday morning.

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Profit Taking Kicks In After Last Weeks Historic Rally

06/04/2012

Treasury prices are moving lower this morning as profit taking kicks in after last weeks historic rally. EU activity continues to dominate markets as data showing more evidence of a slowdown in Chinas economy has had little impact on Treasuries thus far today.

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Jobs Data Disappoints

06/01/2012

Weaker than expected US economic data and continuing concerns about Europe were positive for mortgage rates, which declined to record low levels this week.

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US Economic Calendar Begins To Heat Up

05/31/2012

Treasury prices were hovering near unchanged this morning and have since rallied as investors remain fixated on Europe. The yield on the 10yr tested 1.57 overnight before creeping back above 1.60.

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The Long Holiday Weekend Put A Damper On Historically Low Interest Rates

05/30/2012

Treasury prices are surging higher this morning as headlines from Europe are fueling the flight to quality bid. Greek polls showed that the electorate wants the terms of the austerity measures to be renegotiated.

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Todays Market News

05/29/2012

Treasury prices are edging higher to start off this holiday shortened trading week. This is despite news that Greek polls are indicating support for the political party backing austerity measures.

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Consumer Confidence On The Docket

05/25/2012

Treasury prices are higher this morning ahead of the long holiday weekend. News is beginning to filter out from EU summit as Euro bonds seem to be the hot topic.

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Mortgage Rates Remain Near Record Lows

05/25/2012

This weeks economic news contained few surprises. The US economic data was mixed, and demand was close to average for the Treasury auctions.

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Durable Goods And Jobless Claims Already Released

05/24/2012

Treasury prices were mostly unchanged overnight as reports indicating continued contraction in Chinese manufacturing and disappointing data from EU did little to move prices. The US economic calendar has been active this morning with reports on durable goods and jobless claims already released.

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Lower Rates Are Helping To Boost Refi Activity

05/23/2012

Treasury prices are rebounding today as the Congressional Budget Office cautioned of a possible recession should Congress fail to act on the looming budget cuts. Meanwhile, EU finance ministers are in the midst of the latest summit to try to head off a financial catastrophe with Greece.

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Home Sales Are Expected To Improve

05/22/2012

Treasury prices are drifting lower as equities markets edge higher on hopes of potential Chinese stimulus programs. However, lack of economic data and headlines has provided little direction for markets so far this week.

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Investors Continue To Wait

05/21/2012

Treasury prices are mostly unchanged this morning as investors continue to wait for further developments from Europe. However, speculation seems to be increasing that Greece will exit the EU.

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Equities Are Set To Rally On Facebooks IPO

05/18/2012

The 10Yr Treasury yield is up a few bps this morning and hovering just above all time lows following yesterdays rally on weaker than expected data.

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Mortgage Rates Improve on Greek Concerns

05/18/2012

Once again, the primary influence on mortgage rates was the uncertainty in Europe. Mixed economic data released this week was roughly neutral.

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Initial Claims Are Slightly Above Expectations

05/17/2012

Market is quiet this morning with a light economic calendar and nothing new out of Europe. Initial claims are slightly above expectations though steady week over week.

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Caution And Uncertainty Persist

05/16/2012

Treasury prices are off this morning as caution and uncertainty persist due to the see-saw across the pond in Europe. The MBA mortgage applications Refi Index saw a sharp increase of 13% while purchases were off 2.4%.

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Euro-zone Showed Steady Economic Data

05/15/2012

Treasury prices are off slightly this morning and equity futures are pointing to a higher open as the Euro-zone showed some steady economic data. Consumer prices and retail sales headline numbers came in as forecast. Currently, the 10yr yield is at 1.793% (1.789% Monday)

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Greece Struggles To Form A New Government

05/14/2012

Treasury prices are rallying this morning as Greece struggles to form a new government and contagion fears spread. Economic calendar is empty today, though we will see CPI and housing data as the week progresses.

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JPMorgans Surprise Loss Announcement Adds To Investor Angst

05/11/2012

Treasury prices are edging higher this morning as JPMorgans surprise loss announcement is adding to investor angst. Meanwhile, attempts to form a new Greek government have extended to five days as the financial world waits.

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European Elections Favor Challengers

05/11/2012

This week saw increasing uncertainty in Europe, leading to lower stock prices and strong demand for the US Treasury auctions. Ordinarily, these factors would result in improved mortgage rates, but mortgage rates ended the week nearly unchanged from last week.

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The US Economic Calendar Heats Up

05/10/2012

Treasury prices drifted lower overnight as investors await further developments from Greece. Concern continues to mount as EU leaders are now publically acknowledging that Greece may exit the Euro.

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Weekly MBS Mortgage Applications Index Ticked Up

05/09/2012

Treasury prices are higher once again this morning as Europe continues to grapple with the voter backlash against austerity. Greece is threatening to revoke its pledge to implement austerity measures as ultimatums are being tossed around during the formation of the new government.

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Increased Concerns About Europe Have Helped MBS

05/08/2012

Increased concerns about Europe, particularly Greece, have helped MBS and hurt stocks this morning. The Dow is down 75 points.

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Political Turmoil In Europe Is Fueling The Flight To Quality Bid.

05/07/2012

Treasury prices are higher this morning as political turmoil in Europe is fueling the flight to quality bid. Elections in Greece, Germany and France all indicate that voters are turning against austerity policies.

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Treasury Prices Remain Near Unchanged

05/04/2012

Treasuries hovered near unchanged overnight in anticipation of todays non-farm payroll report. After the release, treasury prices remain near unchanged as investors sort out the bewildering results.

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Employment Falls Short

05/04/2012

Weaker than expected global economic data and continued uncertainty in Europe helped push mortgage rates down to record low levels. The data released this week in the US, Europe, and China generally reflected a slowing pace of economic growth.

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ECB Makes No Change In Rates

05/03/2012

This morning, weekly Jobless Claims fell to 365K, below the consensus of 375K. This weeks decline supports the theory that corrections for seasonal factors caused the increase in Jobless Claims over the last couple of weeks.

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Mortgage Applications Index Showed A Slight Gain

05/02/2012

Treasury prices are higher this morning after the latest data from Europe indicated rising unemployment. The US economic calendar is fairly active this morning with data on employment and manufacturing.

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Investors Are Awaiting News On US Manufacturing

05/01/2012

Treasury prices are slightly higher this morning as slightly worse than expected news on Chinese manufacturing is providing support. Meanwhile, in US economic news, investors are awaiting news on US manufacturing.

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Treasury Prices Are Inching Higher

04/30/2012

Treasury prices are inching higher ahead of this weeks busy economic data. News from Europe was mixed as German retail sales recovered in March but Spains economy declined and entered a recession in the first quarter.

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Bank Of Japan Expands Asset Program

04/27/2012

Treasury prices are mostly unchanged this morning after a fairly busy overnight session. The Bank of Japan announced that it was expanding its asset purchase program by 10T yen and Spains credit rating was downgraded to BBB+ by S&P.

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Growing Uncertainty in Europe

04/27/2012

Increased concerns about the troubles in Europe had the biggest influence on mortgage rates this week. As usual, investors reacted by shifting to relatively safer assets including US mortgage-backed securities (MBS), and mortgage rates again ended the week a little lower.

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Weeker Than Expected Jobless Claims

04/26/2012

Treasury prices moved higher overnight as markets continued to digest yesterdays FOMC activity. Overseas activity was light but prices received a boost this morning after a weaker than expected weekly jobless claims report.

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Treasury Prices Drift Lower

04/25/2012

Treasury prices are drifting lower this morning as investors await the FOMC rate decision. Economic data has deteriorated somewhat since the last meeting but probably not enough to impact the Feds current stance.

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Treasury Prices Are Modestly Lower

04/24/2012

Treasury prices are modestly lower this morning as sellers emerge after yesterdays rally. Overseas news was relatively quiet overnight but yields on Spanish debt continued to rise in the latest auction.

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Poor Manufacturing Results From China

04/23/2012

Treasury prices are higher this morning as another round of poor manufacturing results from China is fueling global economic slowdown concerns.

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Todays Market News

04/20/2012

Treasury prices are moving lower this morning despite the fact that Spanish 10yr debt yields have crested at 6.00% again. Better than expected confidence data from Germany combined with better than expected earnings from General Electric seem to be applying the pressure to treasury prices.

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Todays Market News

04/19/2012

Treasury prices were quiet overnight as successful Spanish debt auctions did little to inspire confidence. In US economic news, a disappointing weekly jobless claims report is lending support to treasuries.

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Treasury Prices Remain Unchanged

04/18/2012

Treasury prices continue to hover near unchanged as news was limited overnight. The Bank of England released minutes indicating a less dovish tone due to higher than expected inflation but the news failed to produce a lasting impact on markets.

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March Housing Data Mixed

04/17/2012

Treasury prices are modestly lower this morning after better than expected results in Spanish debt auctions helped to allay escalating concerns.

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Retail Sales Grow

04/16/2012

Treasury prices edged higher over the weekend as Spanish debt yields continue to climb. Members of the EU will be traveling to the US to discuss emergency funds at IMF meetings later this week.

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March CPI Data In Line with Expectations

04/13/2012

Treasury prices are higher this morning after lower than expected results on Chinese GDP is fueling global economic slowdown concerns. Todays economic calendar is fairly active with reports on consumer prices and consumer sentiment.

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Employment Data Falls Short

04/13/2012

Weaker than expected Employment data and increased concerns about Europe helped mortgage rates this week, and they ended lower than where they were before the March Employment report.

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Todays Market Color

04/12/2012

Treasury prices were mostly unchanged overnight as markets were relatively quiet. This was despite overnight news that Fed Vice Chairman Janet Yellen indicated that impediments for US economic growth will likely leave interest rates unchanged until 2015.

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10yr Yeild Back Up Over 2%

04/11/2012

Treasury prices are lower this morning as the market takes a breather from the impressive rally over the past week. Prices are under pressure this morning after Alcoa set an early tone to the earnings season by posting better than expected numbers.

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Treasury Prices Edge Higher

04/10/2012

Treasury prices are edging higher this morning as the lingering effects of Fridays employment report continue to ripple through markets.

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Todays Market News

04/09/2012

Treasury prices are modestly higher this morning following Fridays disappointing payroll report rally. Headlines were quiet over the holiday weekend and a slow economic calendar is producing a sleepy start to the week.

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Todays Market News

04/06/2012

Treasury prices were slightly lower heading into the NF payroll report as markets were relatively quiet overnight. However, prices surged after a disappointing March employment report showed the economy only added 120k jobs last month vs expectations of 203k.

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Jobless Claims Produce Mixed Results

04/05/2012

Treasury prices are higher this morning as yesterdays recovery has transitioned into a rally. Europe has returned to the spotlight as simmering concerns on Spain are starting to amplify.

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Mortgage Applications Rise 4.2%

04/04/2012

Treasury prices are moving higher this morning on the heels of yesterdays steep selloff. Fixed income is getting some support after Spain saw its borrowing cost rise following a weak $2.6B auction.

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Todays Market News

04/03/2012

Treasury prices are mostly unchanged this morning after a quiet overnight session. Todays economic calendar is somewhat active with factory orders this morning followed by the FOMC meeting minutes this afternoon.

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Todays Market Color

04/02/2012

Treasury prices are mostly unchanged this morning as mixed economic data from overseas has provided little direction to the market. This weeks holiday shortened calendar (early close on Friday) contains several key events including todays ISM manufacturing data, tomorrows FOMC meeting minutes and Fridays nonfarm payroll report.

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Consumer Spending Increases

03/30/2012

Treasury prices were mostly unchanged overnight as investor shrugged off news that EU finance ministers had reached agreement to increase the firewall.

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Mortgage Rates Improve

03/30/2012

After the March 13 Fed statement, mortgage rates swiftly moved higher, but they have since improved and are close to where they were prior to the announcement.

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Todays Market News

03/29/2012

Treasury prices were mostly unchanged overnight as mixed economic news from Europe failed to provide much direction. This mornings economic calendar is fairly active with the final 4th Quarter GDP report, as well as the weekly jobless claims report.

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Rising Rates Slow Mortgage Applications

03/28/2012

Treasury prices are modestly lower this morning as markets are giving back some of the impressive gains from the last week. Headlines out of Europe have been limited recently, leaving investors to focus on US economic data and Fed speak.

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Treasury Prices Inch Higher

03/27/2012

Treasury prices are inching higher this morning after a quiet overnight session. Todays economic calendar is somewhat active with reports including the CaseShiller Home Price Index, which is expected to show prices declined at a slower pace, and also consumer confidence that is expected to remain mostly unchanged.

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Global Market News

03/26/2012

Treasury prices are lower this morning on better than expected economic news from Germany. However, an early appearance from Fed Chairman Bernanke this morning is helping prices to firm as the tone of the speech is being interpreted as dovish.

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Todays Market Color

03/23/2012

Treasury prices started out modestly higher once again today as the treasury market looks to extend the rally for a fourth day.

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Will Fed Expand MBS Purchase Program?

03/23/2012

Mortgage rates remained volatile this week, mostly due to shifting expectations about future Fed action. Early in the week, mortgage rates continued last weeks move higher.

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Jobless Claims Continue to Improve

03/22/2012

Treasury prices are continuing to rally this morning as fears of a global economic slowdown return to the forefront. Overnight data on manufacturing from both China and Europe indicate a contraction in output, adding to worries of an economic downturn.

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Mortgage Applications Slow This Week

03/21/2012

Treasury prices are modestly higher as fixed income continues to struggle to regain its footing. Prices are receiving some support on continued concerns that Chinas economy is poised for a slowdown.

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Housing Starts Slightly Below Expectations

03/20/2012

Treasury prices seemed to have stopped the bleeding as prices are modestly higher after yesterdays selloff. The reversal is due in part to overnight news that China announced its second fuel price hike in the last two months, creating concerns of economic slowdown.

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Todays Market News

03/19/2012

Treasury prices are modestly higher as fixed income markets try to shake off last weeks sell-off. In overseas news, pricing on the auction for credit default swaps on Greek debt was set at 21.75 cents on the dollar.

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Todays Market News

03/16/2012

After yesterdays pause, treasury prices are resuming their decent as the flight to quality bid continues to unwind. Overnight, Richmond Fed President Lacker was on record dissenting with the FOMC statement and indicating that rates may need to be increased in 2013.

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Fed Statement Sends Mortgage Rates Higher

03/16/2012

What began as a quiet week quickly turned negative following the release of Tuesdays Fed announcement. Mixed economic data and Treasury auctions had little impact. Mortgage rates ended the week significantly higher.

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Jobless Claims Improve

03/15/2012

Treasury prices remain under pressure today as the sell-off extends into a third day. With little political news from Europe, markets are becoming increasingly focused on economic data. Todays calendar is fairly heavy with slew of data already released.

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Purchase Applications Increase

03/14/2012

Treasuries are on the defensive once again today as the increasingly positive tone of economic data is weighing heavy on fixed income. The yield on the 10yr finally lost its tether to the 2.0% level after the one-two combo of a better than expected retail sales report and mild improvement in FOMC language.

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Retail Sales In Line With Expectations

03/13/2012

Treasury prices are modestly lower this morning as markets were relatively quiet ahead of todays retail sale report. This weeks busy economic calendar kicks in today with US retail sales followed but the FOMC rate decision.

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Todays News March

03/12/2012

Treasury prices are modestly higher this morning after a fairly quiet weekend. The yield on the 10yr continues to reside in 2.00% yield range despite more clarity on the Greek debt situation and continued improvement in the US labor market.

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Greece Successfully Negotiates Debt Deal

03/09/2012

Treasury prices were mostly unchanged heading into this mornings payroll report despite overnight news that Greece successfully negotiated its debt swap deal with 95% participation.

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BOE Holds Benchmark Rate Steady

03/08/2012

Treasury prices are moving lower this morning as optimism seems to be increasing that Greece will obtain the necessary commitments to successfully complete its debt swap deal.

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Purchase Applications Edge Up

03/07/2012

Treasury prices are edging lower this morning as investors await the outcome of the Greek debt swap negotiations. Todays economic calendar begins to heat up ahead of Fridays payroll data.

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Treasury Prices Push Higher

03/06/2012

Treasury prices are pushing higher this morning as the latest GDP numbers for Europe showed a contraction in the 4th Qtr.

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Global Market News

03/05/2012

Treasury prices are edging lower this morning despite news that China has cut its growth target to the lowest level since 2005. Investors will be keeping an eye on Europe this week as Greece still needs to iron out the details of its debt restructuring with private bondholders by Friday.

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Todays Market News

03/02/2012

Treasury prices are modestly higher this morning as the 10yr clings to a 2.0% yield. The majority of EU members have signed off on the new Greek bailout package but investors continue to worry about recessions, especially with the economic headwinds of higher oil prices.

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Bernanke Surprises Investors

03/02/2012

It was a volatile week for mortgage rates, reacting to mixed economic data and unexpected comments from Fed Chief Bernanke. The various influences roughly offset each other, though, and mortgage rates ended the week essentially unchanged.

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Todays Market News

03/01/2012

Treasuries are continuing to slide today as the market reacts to what Fed Chairman Bernanke didnt say yesterday. Mr. Bernanke failed to boost hopes of further stimulus yesterday, as his speech before Congress did not indicate that additional measures were being strongly considered.

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Purchase Applications Post Strong Gain

02/29/2012

Treasury prices are pushing modestly higher this morning after the result of the 2nd round of the LTRO showed that more banks requested more funds than was expected. The announcement did not create a major stir in markets but investors are still mulling over the results.

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Treasury Prices Move Higher

02/28/2012

Treasury prices are moving higher this morning as the G20 meeting over the weekend adjourned with no additional aid for Europe.

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Todays Market Color

02/28/2012

Treasury prices are mostly unchanged this morning as S&P downgrade of Greece to "selective default" created nary a peep. Investors instead are more interested in the results of the second round of Europes long term refinancing operations, which is scheduled to be released tomorrow.

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Todays Market News

02/24/2012

Treasury prices are beginning to migrate higher this morning as the 10yr has once again dipped below the 2.0% threshold. The initial euphoria has worn off from the Greek bailout deal and possible recessions still loom over all of Europe, indicating big problems still exist.

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Oil Prices Climb

02/24/2012

The Greek bailout package was passed on Monday as expected, and there was little reaction in US markets. Mixed US economic data also had little influence.

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Jobless Claims Continue to Improve

02/23/2012

Treasury prices are giving up some of yesterdays gains as better than expected economic news from Germany has sparked some selling.

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Todays Market Color

02/22/2012

Treasury prices are creeping higher this morning as weak economic data on EU manufacturing is lending some support to the treasury market. Investors continue to question whether the new Greek deal will only stave off default for the short term.

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European Officials Agree on Greece Bailout

02/21/2012

European officials agreed to provide a $172 billion bailout package to Greece, and Greek officials also reached a debt deal with private investors. As a result, Greece will be able to avoid defaulting on debt maturing on March 20.

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10yr Yield Moves Above 2%

02/17/2012

Treasury prices are lower this morning in a continuation of yesterdays selloff. Better than expected economic data combined with Greek optimism has pushed the 10yr yield above the 2.0% threshold.

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Greek Deal on Monday?

02/17/2012

Increased optimism that a Greek bailout package will be approved on Monday caused investors to shift to riskier assets, which was negative for mortgage rates. Mixed US growth and inflation data had little net impact. Mortgage rates ended the week a little higher.

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January Housing Starts Rise

02/16/2012

Stronger than expected economic data has hurt MBS markets this morning. January Housing Starts rose 2% to an annual rate of 699K units, above the consensus of 670K.

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Mortgage Applications Mostly Unchanged

02/15/2012

Treasury prices are mostly unchanged this morning as news that China has reiterated a pledge for more EU assistance was offset by the cancellation of a planned EU finance ministers meeting today. In place of the meeting, a teleconference will be held as concern lingers about whether Greek leaders can stick to the new austerity measures.

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Global Market News

02/14/2012

Treasury prices are slightly higher this morning amidst several overnight stories from overseas. The most noteworthy included a surprise announcement from the Bank of Japan that it plans to increase asset purchases to help stimulate its economy, as well as news that Moodys cut the credit ratings of several European countries.

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Greek Austerity Package Approval

02/13/2012

Treasury prices are edging lower today on improved optimism following the early morning approval of the new Greek austerity package. However, EU finance ministers still need to approve the new aid package amidst headlines that suggest the new austerity measures dont go far enough.

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Treasury Prices Surge

02/10/2012

Treasury prices are surging higher this morning as yesterdays optimism on a new Greek debt deal fades. The flight to quality bid was further strengthened by overnight news that Chinese exports fell for the first time in two years.

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Greek Negotiations Remain Uncertain

02/10/2012

With little US economic news this week, investors focused most of their attention on Europe, where Greece is attempting to avoid a debt default. A lack of progress in Greece late in the week caused a minor flight to safety, and mortgage rates ended slightly lower than last week.

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New Greek Debt Deal In The Works

02/09/2012

Treasury prices were mostly unchanged overnight as the waiting game continues on a new Greek debt deal. This morning, Greek leaders announced that they have reached an agreement on an austerity package that complies with the demands of the ECB and the IMF, which is necessary for Greece to receive additional aid.

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Mortgage Applications Increase

02/08/2012

Treasury prices are slightly lower this morning as Greece continues to work on a new debt deal. Optimism produced some light selling overnight, which has the yield on the10yr flirting with the 2.00% threshold.

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Global Market News

02/07/2012

Treasury prices are easing lower this morning after a quiet overnight session. With little progress in Greek debt talks, focus shifted to Australia as the reserve bank surprised investors by keeping its benchmark rate unchanged at 4.25%.

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Todays Market Color

02/06/2012

Treasury prices are mostly unchanged this morning as the euphoria around Fridays payroll data wears off and focus shifts back to Greece debt concerns.

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Nonfarm Payrolls Surge

02/03/2012

Treasury prices were mostly unchanged prior to the payroll numbers but have headed south as a much better than expected report has caught many by surprise.

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Job Gains Exceed Expectations

02/03/2012

The most significant influence on mortgage rates this week was Fridays Employment report, which was much stronger than expected.

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Todays Market Color

02/02/2012

Treasury prices are mostly unchanged this morning as markets wait for further developments from Europe.

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Slight Dip In MBA Mortgage Applications

02/01/2012

Treasury prices are slightly lower after overnight reports from Europe and Asia indicated an uptick in global manufacturing.

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Employment Cost Index Up Slightly

01/31/2012

Treasury prices initially moved lower overnight but have leveled off this morning and are hovering near unchanged. The latest EU Summit in Brussels has reportedly made some progress on improving budgetary discipline, but the market has shown little reaction.

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Treasury Prices Move Higher

01/30/2012

Treasury prices are moving higher to start the week as the latest EU Summit begins in Brussels. The weekend failed to produce a Greek debt deal and markets are a bit uneasy as a result.

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Significate Easing of GDP Price Index

01/27/2012

Treasury market is flat this morning with GDP posting a moderate advance and a significant easing of the GDP Price Index.

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Todays Market Color

01/26/2012

Despite stronger than expected economic data this morning, MBS have continued to move higher following yesterdays Fed announcement, which was very positive for bonds.

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Mortgage Applications - Modest Decline

01/25/2012

Treasury prices are modestly higher this morning after giving up ground in five consecutive trading sessions. Economic activity has been relatively light to start this week but that will change today.

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Global Market News

01/24/2012

Treasury prices are nearly unchanged this morning ahead of another light day on the economic calendar with nothing new emerging out of Europe.

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Market News

01/23/2012

Treasury prices are off slightly this morning with no data to digest and futures are indicating a flat to slightly higher open for equities.

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Todays Market News

01/20/2012

Treasury prices are mostly unchanged this morning as negotiations for a Greek debt settlement continue. The flight to quality bid has lost some of its luster over the past few sessions as equity markets have surged.

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Jobless Claims Fall

01/20/2012

An improving US economic outlook was negative for mortgage rates this week. Reduced concerns about Europe also caused a partial reversal in the flight to safety trade. As a result, mortgage rates ended the week higher.

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Auctions Push Borrowing Costs Lower

01/19/2012

Treasury prices are edging lower this morning after successful French and Spanish auctions pushed borrowing costs lower.

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Mortgage Applications Surge 23.1%

01/18/2012

Treasury prices are mostly unchanged despite overnight news that the World Bank cut its global growth forecast to 2.5% from last years estimate of 3.6%.

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Todays Global Market

01/17/2012

Treasury prices are edging lower to begin this holiday shortened trading week due to better than expected data on Chinese GDP.

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Todays Market Color

01/13/2012

Treasury prices are moving higher this morning as EU debt fears resurfaced after mixed results from Italian debt auctions.

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Successful Spanish & Italian Debt Auctions

01/12/2012

Treasury prices were modestly lower this morning as successful Spanish and Italian debt auctions helped ease investors anxiety. After a slow start to the week, the economic calendar heats up today with Dec retail sales and the weekly jobless claims reports.

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Purchase Applications Increase 8.1%

01/11/2012

Treasury prices are edging higher this morning as EU debt fears continue to percolate. Its been a relatively tranquil week thus far with little in the way of market moving headlines and light economic data.

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Global Market News

01/10/2012

Treasury prices are moving lower this morning on better than expected economic data from France.

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Germany & France To Discuss Debt Crisis

01/09/2012

Treasury prices were quiet over the weekend but are edging lower this morning on news of a meeting between Germany and France to discuss the debt crisis.

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Unemployment Rate Dips

01/06/2012

Treasury prices were quiet overnight in anticipation of todays employment report. Prices have since moved modestly lower as better than expected results have put pressure on treasuries.

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Unemployement Change Better Than Expected

01/05/2012

Treasury prices improved modestly overnight after a disappointing French debt auction spooked markets.

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Mortgage Applications Dip

01/04/2012

Treasury prices are edging higher this morning after a tranquil overnight session. EU headlines have remained at a minimum since before Christmas but the underlying concern still exists with the yield on the 10yr lingering below the 2.0% threshold.

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Todays Global Market News

01/03/2012

Treasury prices are lower to open the New Year as better than expected overseas economic data has equities on the rise.

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Todays Market News

12/30/2011

Treasury prices are mostly unchanged to open the last trading day of 2011. Markets were once again quiet overnight as EU headlines were at a minimum.

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Treasury Prices Mostly

12/29/2011

Treasury prices are mostly unchanged today after EU debt concerns reignited the flight to quality bid yesterday.

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Mortgage Rates End Near Historic Lows

12/29/2011

Many investors wanted to avoid risk during the final week of the year, which helped relatively safer assets such as US mortgage-backed securities (MBS).

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Market News

12/28/2011

Markets remained quiet overnight as thinly staffed trade desks are mostly sidelined during the holiday lull.

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Todays Market Color

12/27/2011

Treasury prices are mostly unchanged to start off this holiday shortened trading week. Headlines were at a minimum over the long weekend, leaving the 10 yr yield to hover around 2.0%.

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Todays Market Color

12/23/2011

Treasury prices are drifting lower this morning as markets were quiet overnight. This weeks economic calendar has one last hurrah today with the November durable goods orders and personal income and spending reports.

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Continued Improvement In Jobless Claims

12/22/2011

Treasury prices are modestly higher this morning as a sleepy overnight session awakens to an active US economic calendar. The results have been mixed so far this morning.

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ECB Launches Liquidity Program

12/22/2011

Stronger than expected US economic data and reduced concerns about Europe were negative factors for mortgage rates this week.

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Mortgage Applications Drop Slightly

12/21/2011

Treasury prices are slightly higher this morning on little news, and futures are indicating a lower open for equities.

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Todays Market News

12/20/2011

Treasury prices are edging lower this morning as positive economic data from Germany and a successful Spanish debt auction have cooled the recent treasury bid.

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North Koreas Kim Jong II Passes Away

12/19/2011

Treasury prices are relatively flat this morning as markets digest several EU credit downgrades over the weekend, as well as the news of North Koreas Kim Jong IIs death.

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Todays Market Color

12/16/2011

Treasury prices are mostly unchanged earlier this morning as market volatility has been suffering without its usual EU headline fix. Yields continue to sit near the low end of the range as news has been limited out of Europe since last weeks summit failed to inspire confidence.

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Investors Shift to Safer Assets

12/16/2011

Increased concerns about European debt issues and the pace of global economic growth caused investors to shift to relatively safer assets this week. As a result, mortgage rates declined a little to near the lowest levels of the year.

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Jobless Claims Unexpectedly Drop

12/15/2011

Treasury prices are mostly unchanged this morning after giving up overnight gains that had the 10yr yield testing 1.86% briefly.

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Refinance Applications Jump 9.3%

12/14/2011

Treasury prices are mostly unchanged today as EU headlines were quiet overnight.

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Modest November Retail Sales

12/13/2011

Treasury prices are opening slightly lower this morning as markets were relatively quiet overnight.

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Todays Market News

12/12/2011

Treasury prices are opening higher as Moodys indicated that the EU summit failed to produce key policy changes and as a result, it will review all EU countries.

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Global Market News

12/09/2011

Treasury prices are slightly lower this morning as the latest EU summit plan is garnering a muted response from investors.

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Little Reaction to EU Summit

12/09/2011

With little economic data in the US this week, the focus was on Europe.

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European Central Bank Cuts Key Rate to 1%

12/08/2011

Treasury prices are modestly lower this morning after the European Central Bank announced that it is cutting its key rate to 1%.

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Mortgage Applications Up 12.8%

12/07/2011

Treasury prices are mostly unchanged this morning as limited economic data and EU headlines have provided markets a respite.

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Todays Market Color

12/06/2011

Treasury prices are edged lower this morning (but have since bounced back a bit) as markets continue to digest the S&P outlook warning on EU nations.

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Global Market News

12/05/2011

Treasury prices are under pressure this morning as Italy announced austerity measures over the weekend that are aimed at cutting $40B in spending.

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US Unemployement Rate Drops to 8.6%

12/02/2011

Treasury prices were modestly lower heading into todays nonfarm payroll report and the market has shown little reaction since.

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Central Banks Provide More Aid

12/02/2011

This week, the effects on mortgage rates from increased optimism about Europe and stronger than expected US economic data were offset by increased expectations for additional Fed purchases of mortgage-backed securities (MBS).

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Successful French Debt Auction

12/01/2011

Treasury prices are lower this morning after a successful French debt auction overnight has helped to sooth investor worries.

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Central Banks To Lower Dollar Swap Rates

11/30/2011

It been a busy morning...treasury prices were mostly unchanged overnight but moved lower this morning after a coordinated plan by central banks to lower dollar swap rates by 50bps was announced.

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Todays Market Color

11/29/2011

Treasury prices are modestly lower this morning after Italy successfully raised EUR7.5bln in the latest auction, albeit at elevated yields.

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Reports of Strong Black Friday Sales

11/28/2011

Treasury prices are sharply lower this morning as unconfirmed reports of an IMF loan to Italy have equity price rebounding.

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Todays Global Market

11/23/2011

Treasury prices are modestly lower this morning even as bad news pours in from around the world. A dismal report on Chinese manufacturing was combined with an unsuccessful German 10yr auction that did not receive bids on 35% of the overall size.

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S&P Reaffirms United States AA+ Rating

11/22/2011

Treasury prices are slightly higher this morning as news that S&P reaffirmed the United States AA+ rating has helped to offset the announced congressional super committee failure.

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Todays Market Color

11/21/2011

Treasury prices are moving higher as we open this holiday shortened trading week.

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ECB Buying Helps Stabilze European Debt Markets

11/18/2011

Treasuries are giving up some of yesterdays gains as the10yr continues to gravitate to 2.00% yield. Yields on Spanish and Italian bonds have eased overnight as the ECB buying throughout the week has finally helped stabilize European debt markets.

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Little Change in Mortgage Rates

11/18/2011

It was a surprisingly quiet week for mortgage rates with little of the daily volatility seen in recent weeks. Investors continued to watch the situation in Europe, but events there had little impact.

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Jobless Claims Better Than Expected

11/17/2011

Treasury prices are hovering around unchanged this morning as Spanish bond yields climb and Fitch warns of contagion risk to US banks.

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Mortgage Applications Dip

11/16/2011

Treasury prices are relatively flat this morning as investors await news on the organization of Italian Prime Minister Montis cabinet.

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Yields On European Bonds Climb

11/15/2011

US treasuries were well bid overnight as yields on European bonds continue to climb. New Italian Prime Minister Monti is reportedly running into opposition as he attempts to fill leadership position within his new cabinet.

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Todays Market Color

11/14/2011

Treasury prices are modestly lower as treasury markets resume activity after the long Veterans Day holiday weekend. This week begins with new leaders at the helm in Italy and Greece and also with increased chatter around problems in Hungary.

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New Leadership in Italy and Greece

11/11/2011

With little economic data in the US this week, events in Europe were the primary influence on mortgage rates.

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Greece Interim Prime Minister Lucas Papademos

11/10/2011

Treasury prices are moving lower this morning as we open the last day of this holiday shortened trading week.

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Todays Market Color

11/09/2011

Treasury prices are surging higher this morning as the plot thickens in Europe. Italian bond yields continue to move higher even as Prime Minister Berlusconi has offered to resign.

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Todays Global Marketplace

11/08/2011

Treasury prices are slightly lower this morning as headlines were fairly quiet overnight. However, tension remains high in Europe as Prime Minister Berlusconis will attempt to navigate his budget through a parliamentary vote today.

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Greek Prime Minister To Step Down

11/07/2011

Treasury prices are mostly unchanged this morning as the situation in Europe remains very uncertain.

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80k New Jobs Added

11/04/2011

Treasury prices were slightly lower after a mixed October non-farm payrolls report. The headline unemployment rate dipped to 9.0% from 9.1% but the details werent quite as rosy.

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Mortgage Rates Drop on European Concerns

11/04/2011

Increased concerns about Europe caused a flight to safety this week, which helped mortgage rates improve. The Fed statement, which contained no major surprises, and the economic data released during the week had little impact on mortgage rates. As a result, mortgage rates ended the week lower.

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Greek Prime Minister May Step Down

11/03/2011

Treasury prices are lower this morning as Greek headlines continue to painfully dominate markets. Reports indicate that Greek Prime Minister Papandreou will step down today.

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Mortgage Applications Increase Modestly

11/02/2011

Treasury prices has been giving up some of the impressive gains made over the last three sessions. The 10yr is hovering just above 2% as investors await the conclusion of the two-day FOMC meeting.

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Global Market News

11/01/2011

Treasuries remain in rally mode as a Greek referendum vote on the EU bailout has investors nervous. The combination of this headline and a disappointing report on Chinese PMI has added to the flight to quality bid overnight.

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Japanese Intervention to Weaken Yen

10/31/2011

Treasuries are picking up where they left off on Friday as lingering questions on last weeks EU deal are pushing prices higher. Meanwhile, Japanese intervention to weaken the yen is adding to the flight to safety bid in Treasuries.

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Markets Digest Details of EU Plan

10/28/2011

Treasury prices are higher this morning as markets continue to digest the details of the EU plan. The bloom was off the treasury rose yesterday as yields busted through support levels and settled into a range not seen since early August.

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European Agreement Reached

10/28/2011

To the relief of investors, European leaders reached agreement to provide aid to countries with debt troubles. Investors reversed the flight to safety trade, pushing mortgage rates higher.

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Global Market News

10/27/2011

Well, the umpteenth time seems to be the charm as the latest EU summit has finally produced a plan to manage the debt crisis.

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MBA Mortgage Applications Increase

10/26/2011

Treasury prices are slightly lower this morning ahead of the umpteenth EU Summit. Rhetoric will likely increase today but a real solution does not seem imminent.

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European Leaders Remain At An Impasse

10/25/2011

Treasury prices are slightly lower this morning as European leaders remain at an impasse. The US economic calendar begins to heat up today with a reading of Oct consumer confidence as well as some housing data.

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Global Market News

10/24/2011

Treasury prices are modestly higher this morning after little progress was reported over the weekend from the EU Summit. Not surprisingly, banks are apparently at odds with the rumored 60% loss estimate on Greek bonds that the EU is suggesting should Greece default.

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Todayss Market Color

10/21/2011

Pricing is off a bit from yesterday as those who did not re-price yesterday afternoon saw the movement in todays rates. More of the same...treasuries are slightly lower this morning as the world waits for further developments from Europe.

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Little Change in Mortgage Rates

10/21/2011

European debt problems remained the primary focus this week, and shifts in sentiment caused a lot of volatility, but there was a lack of concrete news. The next decisions from European officials are expected to be revealed next week.

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European Debt Crisis Remains Undecided

10/20/2011

Treasury prices are modestly lower this morning as the situation in Europe remains undecided. Reportedly, France and Germany have been unable to reach a consensus perspective heading into this weekends meeting of EU finance ministers.

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Treasury Prices Low On European Debt Crisis

10/19/2011

Treasury prices are slightly lower this morning as speculation continues to swirl around the European debt crisis.

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Global Market News

10/18/2011

Treasuries remain in rally mode as optimism around a potential EU debt plan continues to unravel. Meanwhile, a disappointing report on Chinese GDP has added more fuel to the flight to quality bid overnight.

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Todays Market News

10/17/2011

Treasury prices are opening the week modestly higher as this weekends EU summit failed to produce a comprehensive plan.

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Retail Sales Increase

10/14/2011

Treasury prices were lower in overnight trading and a better than expected September Retail Sales report has applied additional pressure this morning.

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Weekly Jobless Claims Better Than Expected

10/13/2011

It finally seems that treasury prices may have reached stable pricing levels as prices are actually catching a slight bid this morning. Equities are giving up some of the recent gains as economic news from China on export growth was worse than expected.

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EU Close to Plan to Resolve Debt Crisis

10/12/2011

Treasury prices are under pressure once again today as the EU is reportedly close to consensus on a plan to help resolve the debt crisis.

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Yeilds Highest In A Month

10/11/2011

Treasury prices are lower this morning as yesterdays rally on Wall Street puts continued pressure on the flight to quality bid.

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Stronger Than Expected Employment Data

10/07/2011

Stronger than expected Employment data pushed MBS markets lower this morning. Against a consensus forecast of 60K, the economy added 103K jobs in September, and the data for July and August was revised higher by 99K.

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Jobs Exceed Expectations

10/07/2011

Most of the news this week was not good for mortgage rates. The economic data was generally a little stronger than expected, and investor concerns about Europe decreased. As a result, after reaching new lows early in the week, mortgage rates ended the week higher.

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Jobless Claims Better Than Expected

10/06/2011

Its been a choppy session so far with treasury prices edging slightly lower. Equities continued to rally overnight as the Bank of England surprised markets by announcing an increase to its asset purchase program.

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MBA Mortgage Applications Dip

10/05/2011

Treasury prices lost ground yesterday after reports surfaced that EU was working on a plan to support imperiled European banks. This reoccurring story removed the luster from the flight to quality bid and sent treasury yields higher.

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Indecisiveness In Europe Moves Investors

10/04/2011

The pendulum swung back to fear yesterday as treasury prices rallied on weakness in equities. Prices continue to whipsaw as indecisiveness in Europe spooked equity investors.

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Todays Market News

10/03/2011

Treasury prices on the long end of the curve are modestly higher to open the first trading day of October. Investors are offering a tepid response to the latest round of austerity measures approved by Greeces cabinet over the weekend.

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Todays Market News

09/30/2011

September has been a heck of ride and the last day of the month appears to be no different. Treasury prices are higher today as investors are beginning to get antsy waiting for the European debt situation to evolve.

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Mortgage Rates Rise from Lows

09/30/2011

After dropping to fresh lows following last weeks Fed announcement, mortgage rates gave back some of their gains this week and ended a little higher.

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Treasury Prices Edge Into Positive Territory

09/29/2011

Treasury prices were mostly unchanged this morning as yesterdays indecision seems to be carrying over into todays session. Prices spent yesterday morning in negative territory until a solid 5-yr auction brought some relief and treasury prices actually edged into positive territory.

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MBA Applications Surge 9.3%

09/28/2011

Treasury prices are relatively flat this morning as the yield on the 10yr is just about 2.04%. Markets seem to have hit a temporary equilibrium as investors await the next big story that will roil markets.

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Todays Market News

09/27/2011

The rollercoaster ride continues as treasury prices keep giving up last weeks gains. Investors are pinning their hopes on a massive European rescue plan as EU leaders appear to be stepping up procedures to bolster banks in the event of a major default.

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Todays Market Color

09/26/2011

Treasury prices are slightly lower this morning as a modest carryover of Fridays selloff continues. Rumor of an enormous plan to recapitalize European banks seems to be the main driver.

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Todays Market Color

09/23/2011

Treasuries took a breather today at the opening as prices were mostly unchanged. Since then, we have dropped off giving back some of the gains from yesterday.

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New Fed Programs Help Mortgage Rates

09/23/2011

This week, the Fed announced new measures to boost the economy. Expectations are low for much economic growth to result from the measures, but they did help push mortgage rates to historic lows.

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Treasury Prices Rally On Twist Announcement

09/22/2011

Treasury prices are continuing to rally this morning after yesterdays $400bln twist announcement from the FOMC. Investors are clearly worried as the flight to quality bid has pushed the 10yr to a record low yield of 1.76% overnight.

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MBA Applications Overall Inch Up

09/21/2011

Treasury prices were hovering near unchanged as investors await the outcome of the two day FOMC meeting. Headlines are filled with "twist" puns as speculation swirls around the likelihood that the Fed will implement a strategy to push yields lower on the long end of the curve by shifting the duration of its portfolio.

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S&P Downgrades Italy to A Rating

09/20/2011

Treasuries gave up some of yesterdays impressive gains as equity markets strengthened overnight. The latest development out of Europe revolves around S&Ps downgrade of Italy from A+ to A.

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Fight to Address Greeces Debt

09/19/2011

The flight to quality bid resumed today as European finance ministers were unsuccessful in their attempts to address Greeces debt situation. Treasury prices are rallying as investors confidence is fading that Europe can save Greece from default.

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Todays Market News

09/16/2011

Treasury prices are relatively flat this morning as investors focus on the European finance ministers meeting in Poland. So far this week, treasury yields have moved higher as investors have overlooked soft economic data and have remained cautiously optimistic that European leaders will step in to prevent Greek default.

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Central Banks Aid European Banks

09/16/2011

Investors grew a little less concerned about Europe during the week, which was favorable for the stock market but negative for mortgage rates. This weeks inflation data also was unfavorable for mortgage rates, and rates ended the week a little higher.

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Jobless Claims Increase Unexpectedly

09/15/2011

Treasury prices are lower this morning after Germany and France reiterated pledges to support Greece. Investors took comfort in the renewed assurances and have responded by shifting money back into equity markets.

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Mortgage Applications Rise

09/14/2011

Treasury prices are edging lower this morning as markets continue to wait for further developments on the Greek debt crisis. French banks remain in the crosshairs as Moodys cut the long term debt ratings of SocGen and Credit Agricole.

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Todays Market Color

09/13/2011

Treasury prices are relatively flat this morning as investors remain jittery ahead of an announcement from Germany and France on the European debt situation. Yields are lingering near record lows as Greek default risks continue to rise and markets await a response.

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Market Again Revolves Around Greece

09/12/2011

Treasury prices are relatively flat this morning as the market holds onto last weeks impressive gains. The latest fear gripping the market once again revolves around Greece.

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Todays Market News

09/09/2011

The yield on the 10yr continues to hover near 2.00% as yesterdays headlines and activity earned a muted response. President Obamas job stimulus package was slightly larger than expected but contained no real surprises.

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Little Change in Rates

09/09/2011

This weeks economic news contained few surprises. Fed Chief Bernanke gave no indication of policy changes and President Obamas jobs package matched expectations. As a result, mortgage rates ended the week with little change, remaining at historically low levels.

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President Obama Jobs Speech Tonight

09/08/2011

Treasury prices have retraced yesterdays losses as bearish economic data from overseas combined with todays potential market moving events to push investors back into Treasuries.

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Mortgage Applications Drop

09/07/2011

The flight to quality bid cooled overnight on reports that the Obama administration will request a $300bln jobs package from Congress.

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Todays Market News

09/06/2011

Treasury prices on the long end of the curve are rallying this morning to open this holiday shortened trading week.

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Todays Market Color

09/02/2011

Treasury prices are surging higher this morning after an abysmal Aug non-farm payroll report provided further evidence that the economic recovery is stalling.

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Jobs Fall Short

09/02/2011

Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.

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Daily Market News

09/01/2011

Treasuries rallied overnight as weak economic data from Asia and Europe combined with a disappointing bond auction in Spain to push investors towards the safety of US Treasuries.

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Refinance Applications Dip

08/31/2011

Treasury prices are mostly unchanged today as investors continue to debate the likelihood of QEIII. With Fridays employment report looming on the horizon, markets got an early look at possible outcomes with todays disappointing ADP report.

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Todays Market News

08/30/2011

Treasuries are surging higher today, as early morning comments from Fed President Evans indicate the need for additional accommodative policy to help the struggling US economy, particularly employment.

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Consumer Spending Rebounds

08/29/2011

This week gets off to a quick start with a slew of economic data on todays schedule. In the 8:30 AM release, consumer spending rebounded nicely in July (+0.8%) after posting its first loss in nearly two years in June.

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Bernanke Speech Today

08/26/2011

The big day has arrived with markets eagerly awaiting Fed Chairman Bernankes speech at todays conference in Jackson Hole.

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No Surprises from Bernanke

08/26/2011

It was another volatile week for mortgage rates. The primary factors influencing rates roughly offset each other, though, and mortgage rates ended the week just a little higher.

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Todays Market News

08/25/2011

Treasury prices are headed higher this morning as modest overnight buying has continued into todays trading session. Gold has resumed it its slide this morning after getting pummeled yesterday.

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Mortgage Applications Dip

08/24/2011

Treasury prices are edging lower this morning as the July durable goods report showed better than expected results of +4% versus estimates of a +2% gain. Meanwhile, the early morning release of the MBA mortgage applications index showed a dip of -2.4% in overall applications.

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Treasury Prices Lower Today

08/23/2011

Treasury prices are moderately lower this morning as overseas selling has carried into todays trading. Despite bearish overseas economic data, treasury prices are moving lower on speculation that the Fed take steps to stimulate the US economy.

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Todays Market Color

08/22/2011

Treasury prices are modestly lower this morning on reports that Qaddafis reign in Libya is nearing the end. With an empty schedule on the economic calendar, investors will continue to focus on overseas developments in Europe and the Middle East for market direction.

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Gold Approaching $1900 an Ounce

08/19/2011

European stocks and US equity futures pared losses after an EU official said that legislation may be drafted to issue euro bonds to stem the regions various debt crises.

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Inflation Climbs

08/19/2011

Concerns about the pace of global economic growth continued to drive financial markets, causing investors to shift to less risky assets. This trend was favorable for mortgage rates, which ended the week lower.

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CPI Prints Higher Than Expected

08/18/2011

Continuing the trend from PPI and Import prices, CPI printed higher than expectations.

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Refi Index Jumps

08/17/2011

MBA Mortgage Applications increased 4.1% past week; purchases were down 9.1% and the Refi index jumped 8%.

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Import Prices Higher Than Expected

08/16/2011

Import Prices printed higher than expectations; housing starts and permits both posted month-over-month declines.

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Empire Manufacturing Shrinks

08/15/2011

Empire Manufacturing unexpectedly shrank for the third straight month as orders and inventories declined. Stock futures are up in early trading as they look cheapest relative to earnings in more than two years.

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Retail Sales Better than Expectations

08/12/2011

Retail sales less autos printed slightly better than expectations; equities are moving higher on the news. Yesterday, the DOW moved more than 350 points for the 4th consecutive day, fueled by a very weak 30yr bond auction.

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Todays Market Color

08/11/2011

Treasury prices are mostly unchanged this morning as the market has yet to decide which direction it will whipsaw today. Yesterdays flight to quality bid was driven by renewed European debt concerns, specifically French bank downgrades and possible collapse.

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Todays Market Update

08/10/2011

The roller coaster ride continues as treasury prices are surging higher this morning. Yesterdays swift price movement was nothing short of astonishing as treasury prices were whipsawed while investors digested the FOMC statement.

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Treasury Prices Higher

08/08/2011

Treasury prices are higher today as overseas equity markets are selling off after Fridays S&P downgrade of US debt. Ironically, the downgrade has created a flight to quality bid as the announcement spooked investors to move assets into safer investments, including US Treasuries.

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Todays Market Color

08/05/2011

Last Friday, the yield on the 10yr was hovering near 2.90% as markets waited for a debt to be hammered out. A lot has changed over the last week as a debt deal was finalized, stocks have been hammered and the 10yr yield sits at 2.45%.

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Todays Market News

08/04/2011

Treasury prices are edging higher this morning as the dreaded word "recession" seems to be creeping into headlines and discussions with increased frequency lately.

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Mood and Fitch Confirm US AAA Rating

08/03/2011

Treasury prices are relatively flat this morning as investors seem to be taking a breather from the extraordinary three day rally. Moodys and Fitch confirmed the US AAA rating as the debt deal finally fell into place yesterday.

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Todays Market News

08/02/2011

With the debt cap situation nearing completion, focus has shifted back across the Atlantic to the debt woes of Europe. Treasury prices are surging higher this morning on a renewed flight to quality bid as Italy and Spain are under the microscope.

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Treasury Prices Unchanged

08/01/2011

Treasury prices are mostly unchanged to open the first trading day of August. This is quite surprising given yesterdays news that a debt ceiling deal has finally been reached.

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Treasury Prices Rise Higher

07/29/2011

Despite the fact that a government shutdown is becoming increasingly likely, treasury prices are moving higher this morning. Most feel that a default on government debt is not imminent, as the Treasury has announced that bondholders would be first priority.

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Todays Market Update

07/28/2011

The waiting game continues as treasuries wallow in a fairly tight trading range. Prices are modestly higher this morning, recovering some of yesterdays losses that were prompted from a disappointing 5yr auction.

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Todays Market Color

07/27/2011

It has been another volatile morning, as investors continue to focus on the debt ceiling talks. June Durable Orders declined 2.1% from May, which was below the consensus forecast for an increase of 0.5%.

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Little Change Expected From Housing Market

07/26/2011

Treasury prices are idling near unchanged as markets await further developments on the debt cap discussions. This weeks economic calendar kicks off today with a bit of housing related news and consumer confidence.

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Todays Market Color

07/25/2011

Treasury prices are lower this morning as investors grow increasingly restless that no deal was produced over the weekend in the ongoing US debt cap discussions.

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Treasury Prices Edge Higher

07/22/2011

Treasury prices are edging higher this morning as investors eagerly await further developments in the debt ceiling talks. The US is now firmly in the spotlight after yesterdays European announcement of a bailout package for Greece and other troubled members of the EU.

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Debt Talks Drive Mortgage Rates

07/22/2011

With few economic reports released this week, news of progress in talks to provide aid to troubled European countries and to raise the US debt ceiling had the most influence on mortgage rates. As the perceived risk of default in Europe decreased, investors retreated from the relative safety of US bonds, which pushed mortgage rates a little higher.

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Todays Market News

07/21/2011

Increased optimism (or at least less pessimism) on the European debt situation has treasury prices edging lower this morning. Reportedly, France and Germany have reached an accord on managing the Greece debt situation and equity markets are responding favorably.

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Mortgage Applications Increase 15.5%

07/20/2011

Treasury prices are moving lower this morning as positive results from Portugals bond auctions are helping to ease investor concerns that the debt crisis will spread in Europe.

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Todays Market Color

07/19/2011

Treasury prices are lower this morning as investors continue to be held captive by the ongoing debt debates on both sides of the Atlantic. With seemingly little or no progress made on the political discussions around the US debt cap, Gold has become the safe haven of choice as levels closed above $1600 per ounce for the first time.

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Gold Sets Record Value

07/18/2011

Treasury prices are opening the week modestly higher on concerns that the European bank stress tests were not rigorous enough to provide confidence in the results.

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Todays Market News

07/15/2011

Investors seem to be shrugging off the latest credit warning on US debt as S&P joined the party by placing the AAA rating on creditwatch negative. Markets are either unaffected or paralyzed by the onslaught of data that also includes the pending results of the European bank stress tests and a mixed bag of economic releases at 8:30 this morning.

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Todays Market Color

07/14/2011

Investors have their hands full today as a slew of economic data is thrown into the tumultuous mix of European debt concerns and the debate around the fast approaching US debt cap deadline.

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Mortgage Market News

07/13/2011

Treasury prices are under pressure this morning after better than expected data on Chinas GDP has investors wading back into equity markets. In US economic news, the latest edition of the MBA Mortgage Index showed a 5.1% drop in applications week over week.

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Todays Market News

07/12/2011

The flight to quality bid remained strong as treasury prices are opening higher once again this morning, but have since dropped back down. Equity markets were bludgeoned overnight in Asia as investors moved money to the relative safety of US Treasuries.

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European Debt Concerns Grow

07/11/2011

Treasury prices are surging higher this morning on continued European debt concerns, specifically that the problem may spread to Italy. With an economic calendar that is bereft of data today, investors will get more time to assess the European debt crisis as well as to digest Fridays woeful employment report.

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Unemployment Rate Ticks Up

07/08/2011

Nonfarm Payrolls printed well below expectations, +18K vs. +100k consensus; the unemployment rate ticked up to 9.2%; U6 jumped 0.4% to 16.2%. Treasuries and mortgages are rallying aggressively off of the disappointing labor news; stock futures and commodities are down.

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Jobless Claims Post Slight Decline

07/07/2011

Ahead of tomorrows Nonfarm Payrolls (consensus is +100K), ADP printed much stronger than expectations, +157K vs. +70K. Both initial and continuing jobless claims posted slight declines.

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Portugal Second Bailout Likely

07/06/2011

Treasury prices are edging higher today as European debt concerns continue to produce investor anxiety. Portugal was in the crosshairs yesterday after Moodys downgraded its rating to junk status and indicated that a second bailout was likely.

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Treasury Prices Modestly Higher

07/05/2011

After last weeks ugly performance, Treasury prices are modestly higher to start this holiday shortened trading week. Now that the Greek austerity vote is behind us, investors will shift focus back to the US with Fridays June payrolls report highlighting the docket.

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This Weeks Market News

07/01/2011

Its been a rough and volatile ride for Treasuries this week as the 10yr yield now sits almost 30bps higher than the intraday low of 2.86 reached on Monday.

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Stocks Up, Rates Up

07/01/2011

This weeks economic news was nearly all positive, and the stock market posted a strong rally. Unfortunately, whats good for stocks is generally unfavorable for mortgage rates.

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Todays Market News

06/30/2011

Treasury yields have reached their highest levels in a month as the end of QEII and the passage of the Greek austerity plan have coupled to dampen investor demand. Prices seem to have leveled off this morning as investors appear to finally have some comfort at current yields.

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Mortgage Applications Dip 2.7%

06/29/2011

Treasury prices are continuing to slide this morning after yesterdays selloff. Overnight protests failed to dampen investor optimism that the austerity vote will pass.

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Greek Unions Strike

06/28/2011

With the pending Greek austerity vote dominating headlines, treasury prices are modestly lower as investors remain defensive. Battle lines have been drawn as Greek unions have essentially shut down government operations with a general strike that began at midnight.

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Todays Market Color

06/27/2011

Treasury prices are slightly lower as we head into the final week of the Feds QEII program. This weeks economic calendar is fairly active but investors are likely to remain more focused on Wednesdays Greek austerity vote.

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Todays Market Color

06/24/2011

Treasury prices are slightly lower this morning as investors digest mixed news that a Greek 5-yr austerity plan was approved, which was counterbalanced by reports of possible Italian bank downgrades. This mornings economic releases produced firm results that were either in line with or exceeded expectations.

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No Change From Fed

06/24/2011

Investors focused on the Fed meeting and Greece this week. A reduced growth forecast from the Fed and continued concerns about the situation in Greece helped mortgage rates move a little lower.

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Treasury Prices Surging

06/23/2011

Treasury prices are surging higher this morning as yesterdays FOMC statement and press conference kindled the flight to quality bid. High unemployment and the ailing US housing market were sighted as two of the main culprits weighing heavily on the expected US economic recovery.

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Mortgage Applications Dip

06/22/2011

Treasury prices are higher this morning as the overnight confidence vote in Greece passed with nary a market reaction. In US news, the early morning release of the MBA mortgage applications index showed a -5.9% drop, week over week.

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Todays Mortgage Market

06/21/2011

Treasury prices are moving lower this morning after yesterdays dearth of economic news left prices drifting near unchanged. This weeks economic calendar opened with the May existing home sales report (4.70M est vs. 5.05M in April).

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Equity Futures Under Pressure

06/20/2011

Treasury prices are opening the week to the upside as European leaders were not able to reach an accord over the weekend on loan assistance to Greece.

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Greece News Continues to Affect Market

06/17/2011

The market continues to be subject to the news coming out of Greece. This morning, German Chancellor Merkel said she would work with the ECB to resolve the crisis, suggesting that she would temper the demand that bondholders shoulder a "substantial" share of Greek aid.

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Todays Market News

06/16/2011

It has been another volatile morning. Despite stronger than expected economic data and small gains in the stock market, MBS markets have held in positive territory.

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Mortgage Market Color

06/15/2011

CPI printed a tenth higher than expectations; New York-area manufacturing unexpectedly contracted. A resolution to the Greek crisis is looking less and less likely; the Greek 10yr bond is trading at 17.6% (1488bps higher than German 10yr bunds), the highest ever for a euro-zone country since the EU formed in 1999.

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PPI Prints Higher Than Expected

06/14/2011

PPI printed slightly higher than expectations; retail sales were in line. Earlier this morning, stock futures advanced on news that production in China climbed more than predicted.

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Credit Fears Continue In Europe

06/13/2011

Credit fears continue in Europe--Portuguese 10yr yields hit the highest level since the euro started in 1999; the Spanish 10yr yield increased for the sixth consecutive day; credit-default swaps on Greek, Irish, and Portuguese debt are at record highs.

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Tension Over Greek Bailout

06/10/2011

Import Prices came in worse than expected, up 12.5% year-over-year, due to auto and clothing costs. Tension continues to grow between Germany and the ECB regarding the Greek bailout.

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Little Change in Mortgage Rates

06/10/2011

While mortgage rates reached a new low for the year during the middle of the week, they ended nearly unchanged. It was a light week for economic data, and demand for the Treasury auctions was close to average, so investors had little reason to alter their outlooks.

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Jobless Claims Print Worse Than Expected

06/09/2011

It has been a volatile morning, and early investors may have priced at a wide range of levels. Initial Jobless claims printed slightly worse than expectations.

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Todays Market Color

06/08/2011

Bonds are trading higher again this morning as Equities in Europe declined for the 6th day in a row. U.S. Stock Futures are also trading lower ahead of the opening bell.

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Todays Market News

06/07/2011

ECB President Trichet signaled that he may back Greek debt rollovers; the euro is trading at a one-month high against the dollar and US stock futures are up.

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Stocks Low On Concern Of Slow Growth

06/06/2011

Stocks and commodities are lower again this morning on concern that growth is slowing. Portugals incoming prime minister said that he would form a coalition to meet conditions of the countrys 78B euro ($114B) bailout; Portugals debt is trading up on the news.

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Nonfarm Payrolls Worse Than Expected

06/03/2011

Similar to ADP, Nonfarm Payrolls printed much worse than expectations, +54K vs. +165K median consensus; the unemployment rate ticked up to 9.1%; .U6 dropped a tenth to 15.8%. Despite the risk of being downgraded by Moodys, Treasuries are rallying pretty strongly; stock futures and commodities are lower.

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Jobs Data Falls Short

06/03/2011

Fridays Employment report was a disappointing indicator of the current state of the US economic recovery. This report, along with just about every other economic measure released this week, was weaker than expected.

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Mortgage Market Color

06/02/2011

Rates markets are giving back some of yesterdays rally as equities are set to open higher ahead of tomorrows employment data.

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Todays Market Color

06/01/2011

ADP printed much worse than expectations, +38K vs. +175K; consensus for Fridays Nonfarm Payrolls is +180K. MBA mortgage applications posted a 4% decline; purchases were unchanged, while the Refi index, which currently comprises 65.4% of applications, was off 5.7%.

Read More »


Stock Futures Up

05/31/2011

Stock futures are higher this morning due to speculation that nations will pledge more aid to Greece; Treasuries and mortgages are slightly lower. ADP is scheduled for release tomorrow (consensus is +175K) and Nonfarm Payrolls will be announced on Friday (+180K).

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Mortgage Market News

05/27/2011

MBS prices are down -5/32 (FNMA 30-yr 4.0 at 100.21), which is about 9/32 higher than yesterday at this time. Favorable re-pricing took place yesterday.

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Mortgage Rates Reach Low for Year

05/27/2011

Many factors were favorable for mortgage rates this week. Weaker than expected economic data, strong results for the Treasury auctions, and renewed concerns about weaker European countries all helped mortgage rates end the week at the lowest levels of the year.

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MBS Prices Move Higher

05/26/2011

MBS prices moved higher after the release of todays weaker than expected economic data. Weekly Jobless Claims rose to 424K, above the consensus forecast of 400K.

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Daily Market News

05/25/2011

It has been a volatile morning, and MBS prices reached a low of -3/32. April Durable Orders fell -3.6% from March, weaker than the consensus forecast of -2.0%, and the largest monthly decline since October 2010.

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Todays Market Color

05/24/2011

MBS prices are down -2/32 (FNMA 30-yr 4.0 at 100.02), which is about 10/32 lower than yesterday at this time. Goldman stated that they are becoming "more bullish" on raw materials, specifically sugar, copper and oil; all three are higher in early trading.

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Italys Credit Rating Falls to Negative

05/23/2011

Italys credit-rating was downgraded by Standard and Poors from stable to negative, sending the euro lower against most other currencies. Data released this morning also showed that Chinas pace of manufacturing expansion has slowed.

Read More »


Mortgage Market News

05/20/2011

Equities are lower this morning on continued concern that Greece will have to restructure its debt. Rates are lower again this morning as traders bet that the economy is slowing down and the Fed will not be able to raise their benchmark anytime soon.

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Mortgage Rates Little Changed

05/20/2011

Weaker than expected economic data helped mortgage rates decline to the lowest levels of the year early in the week. On Wednesday, though, a reminder that the Fed will eventually sell its portfolio of mortgage-backed securities (MBS) helped to erase the improvement.

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Rates Inch Up

05/19/2011

Rates are up slightly this morning following initial claims data which came in below expectations.

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Refi Applications Jump

05/18/2011

MBA mortgage applications jumped 7.8% last week; purchases were down 3.2%, while the Refi index--accounted for 66.7% of the applications--increased 13.2%.

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MBS Prices Up

05/17/2011

MBS prices are up +7/32 (FNMA 30-yr 4.0 at 100.14), which is about 11/32 higher than yesterday at this time. Weaker than expected economic data has lifted MBS markets this morning. April Housing Starts declined 11% from March to an annual rate of 523K homes, below the consensus forecast of 560K.

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Empire Manufacturing Declines

05/16/2011

Empire Manufacturing declined more than expected due to the higher costs of raw materials. Greece will plead for an increase in their 110B euro ($155B) lifeline today; equites are down as the market anticipates the bump will be approved by European ministers and the IMF.

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Euro Region Grows Faster Than Predicted

05/13/2011

CPI, both core and headline, printed in-line with expectations. Growth accelerated in the 17-nation euro region faster than predicted, 0.8% vs. 0.6%, pushing equities higher in early trading.

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Little Change in Mortgage Rates

05/13/2011

It was a volatile week for mortgage rates. Troubles in smaller European nations, mixed results for the Treasury auctions, and tame inflation data caused significant movements in rates during the week. These influences offset each other, though, and mortgage rates ended the week nearly unchanged.

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Retail Sales Increase

05/12/2011

Initial and continuing claims printed higher than expectations, along with upward revisions to the previous week. Retail Sales increased 0.5%. The Treasury is scheduled to auction $16B in 30yr bonds today.

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Jump In Mortgage Applications

05/11/2011

Bonds are trading slightly lower this morning following an 8.2% jump in mortgage applications. The U.S. trade deficit widened more than most analysts anticipated in March, jumping 6% to $48.2B.

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IMF Prepares Bailout for Greece

05/10/2011

A higher-than-expected print on import prices has Treasuries and mortgages pointing slightly lower. The IMF is preparing another bailout for Greece, to replace the last one, in the amount of 100B euros ($144B). The Treasury is scheduled to auction $32B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Thursday.

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Todays Market Color

05/09/2011

Quiet day on the economic calendar today following Fridays employment data. Late this week we get PPI and CPI numbers.

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Stock Futures Up Sharply

05/06/2011

Nonfarm Payrolls printed better than expected at +244K; change in private payrolls was +268K; the unemployment rate and U6 ticked up 2/10ths to 9.0% and 15.9%, respectively; . Consensus for Nonfarm Payrolls on Friday is +185K.

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Mortgage Rates Improve Again

05/06/2011

Weaker than expected data helped mortgage rates improve for most of the week, but Fridays Employment report then surprised to the upside, causing mortgage rates to give back some of the improvement.

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Todays Market Color

05/05/2011

Initial and continuing claims printed much higher than expectations; a spring break holiday in New York, a new emergency benefits program in Oregon, and auto shutdowns caused by the disaster in Japan were the reasons given for the increase in claims.

Read More »


Mortgage Market News

05/04/2011

ADP printed below expectations, +179K; consensus for Nonfarm Payrolls on Friday is +185K. MBA mortgage applications posted a 4.0% increase; purchases were up 0.3% and the Refi index jumped 6.0%.

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Dollar Strengthens

05/03/2011

The dollar has strengthened as investors try to assess what the likely impact will be after the killing of Osama Bin Laden. Stocks and commodities are lower; bonds are up slightly.

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Osama Bin Laden Killed

05/02/2011

Osama Bin Laden was killed in a housing raid in Pakistan yesterday. Stock futures and the dollar are higher; oil is down 1.5%; bonds are slightly lower.

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Todays Market Color

04/29/2011

Personal income and spending both posted larger-than-expected gains in March. After Exxon produced a 1Q profit of $10.7B earlier this week, Chevron announced net income of $6.21B (last years first quarter: $4.55B) due to higher oil prices.

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No Change From Fed

04/29/2011

The most highly anticipated economic event this week was Wednesdays Fed meeting. The Fed indicated that it will not make any changes in policy at this time, which investors took as positive news for stock and bond markets.

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Todays Market Color

04/28/2011

Initial jobless claims jumped 25K last week; continuing claims posted a decrease. 1Q GDP printed worse than expectations at +1.8%. The Treasury is scheduled to auction $29B of 7yr notes today.

Read More »


Mortgage Market News

04/27/2011

MBA Mortgage Applications dropped 5.6% last week; purchases decreased 13.6% and the Refi index was 0.6% lower. The Treasury is scheduled to auction $35B of 5yr notes today and $29B of 7yr notes tomorrow.

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US Stock Futures Rise

04/26/2011

US stock futures are higher on better-than-expected earnings out of UBS and Ford; credit default swaps on Greek debt rose to a record (the Greek 2yr note is trading at 23.96%). The Treasury is scheduled to auction $35B of 2yr notes today, $35B of 5yr notes tomorrow, and $29B of 7yr notes on Thursday.

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Gold At Record Prices Again

04/25/2011

Inflation fears have the dollar trading weaker; silver and gold are at or near new record prices; oil is rallying for the fourth consecutive day. The FOMC rate decision is scheduled for release on Wednesday--no change is expected.

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Todays Market Color

04/21/2011

Bonds are hanging on to early gains as Initial Unemployment Claims printed at 403K versus the 390K expected by most analysts. Continuing Claims came in at 3695K, also slightly higher than expected. The bond market is scheduled for an early, 2pm EST close today and is closed tomorrow for Good Friday.

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Todays Market News

04/20/2011

Bonds are trading lower today while U.S. Equity Futures are trading higher on news that Intel increased their sales forecasts and company results beat estimates in Europe and Asia.

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Building Permits Increase

04/19/2011

Bonds are relatively unchanged versus yesterdays close this morning. Building permits showed a 7.2% annual increase with Housing Starts printing 549K, more than the 520K anticipated by most analysts. Goldman Sachs announced a 21 percent drop in first-quarter earnings, which was a smaller decline than the street consensus.

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Citigroup Announces Drop In Earnings

04/18/2011

Bonds are trading slightly higher this morning on a light day for economic data. Citigroup announced a 32 percent drop in first-quarter earnings, which was less than most analysts anticipated.

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Todays Market Color

04/15/2011

Bonds are trading higher this morning after Moodys downgraded Irelands credit rating two levels to the lowest investment grade and kept the countrys outlook negative. This mornings CPI release was in-line with expectations showing that consumer prices increased 2.7% since March 2010.

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Mortgage Rates Improve on Inflation Data

04/15/2011

On target inflation data and strong demand for the longer-term Treasury auctions were favorable for mortgage rates this week. The other major economic reports contained few surprises. As a result, mortgage rates ended the week lower.

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Stock Futures Down After Job Report

04/14/2011

Initial jobless claims jumped last week from 385K to 412K, however, continuing claims dropped 58K. Stocks futures and commodities are lower after the news, while Treasuries and mortgages are up. The Treasury is scheduled to auction $13B of 30yr notes today.

Read More »


Mortgage Market News

04/13/2011

MBA mortgage applications declined 6.7% last week; purchases were off 4.7% and the Refi index was 7.7% lower; ARMs accounted for 11.5%. JP Morgan beat earnings with 1Q net income of $5.56B, $1.28/share (consensus was $1.15/share).

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Japan Raises Nuclear Crisis

04/12/2011

Japan has raised the nuclear crisis severity from 5 to 7, matching the levels seen in the 1986 Chernobyl disaster; the radius for people being cleared out has been doubled from 12 to 24 miles. Stocks are down, while Treasuries and mortgages are rallying.

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Mortgage Market News

04/11/2011

There is no economic data scheduled for today. Last month, Pimcos $236B Total Return Fund again trimmed back assets in government and related debt--from 0% to -3%; mortgage-related debt was cut from 34% to 28%. The Treasury is scheduled to auction $32B of 3yr notes tomorrow, $21B of 10yr notes on Wednesday, and $13B of 30yr notes on Thursday.

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Euro Bailout Talks Continue

04/08/2011

Rates are up this morning with little economic data to be released. Budget and Euro bailout talks continue and equities and commodities are rallying.

Read More »


Inflation Concerns Push Rates Higher

04/08/2011

With little other economic news, inflation concerns weighed on mortgage rates this week. Despite rising commodity prices, Fed officials appear to be in no rush to tighten monetary policy. Investors, worried about the risk of higher inflation, pushed mortgage rates a little higher.

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ECB Raises Rates

04/07/2011

Initial jobless claims printed in-line with expectations; continuing claims were higher than consensus. The ECB raised rates today for the first time in almost three years from 1% to 1.25%, putting pressure on the US Fed to start considering the same course of action.

Read More »


Mortgage Market News

04/06/2011

MBA mortgage applications were down 2% week-over-week; the Refi index was 6.2% lower while purchases increased 6.7%; ARMs comprised of 12% of the total lock volume (in $). Strong data out of Germany has stocks higher in early trading.

Read More »


Bailout of Portugal Inevitable?

04/05/2011

Moodys said that a bailout of Portugal is inevitable, downgrading the countrys debt for the second time in 3 weeks. Water tested near one of the nuclear plants in Japan has radiation "millions of times" over the regulatory limit.

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Todays Market Color

04/04/2011

There is no economic data scheduled for release today. The European Central Bank is expected to raise rates from 1% this week as Germanys growth has some worried about inflation; the euro appreciated 3.5% in the first quarter, the most since the fourth quarter of 2008.

Read More »


Unemployment Rate Drops

04/01/2011

Nonfarm Payrolls printed at a better-than-expected +216K; the unemployment rate dropped from 8.9% to 8.8%; U6 drifted lower to 15.7%. Stock futures are higher; Treasuries and mortgages are down after the release.

Read More »


Mortgage Rates Increase

04/01/2011

An improving economic outlook was unfavorable for mortgage rates this week. The Dow stock index reached a new high for the year, as investors shifted funds from bonds to stocks. Weaker than average demand for the 7-yr Treasury auction also helped push mortgage rates a little higher.

Read More »


Portugal Misses Deficit Target

03/31/2011

Initial jobless claims printed slightly higher than expectations; continuing claims remain elevated at 3,714K; consensus for tomorrows Nonfarm Payrolls is +190K. Portugal missed its 2010 deficit target, raising the possibility of a bailout.

Read More »


Todays Market Color

03/30/2011

ADP printed slightly below expectations, +201K vs. +208K consensus; the median estimate for Fridays Nonfarm Payrolls is +190K. Mortgage applications were down 7.5% week-over-week; the Refi index was off 10.1% and purchase apps were 1.7% lower. The Treasury will auction $29B of 7yr notes today.

Read More »


Mortgage Market News

03/29/2011

Stocks are lower on concern that banks in Europe will have to raise more capital. Investors are also still trying to gauge the impact of the nuclear crisis in Japan. The Treasury will auction $35B of 5yr notes today and $29B of 7yr notes tomorrow.

Read More »


Personal Incomes Increase

03/28/2011

Personal incomes increased in February, causing personal spending to jump more than expected. Stock futures are up on the news; Treasuries and mortgages are trading lower. The Treasury will auction $35B of 2yr notes today, $35B of 5yr notes tomorrow, and $29B of 7yr notes on Wednesday.

Read More »


Equites Move Higher

03/25/2011

Equities are higher on better-than-expected earnings from Oracle and Accenture. 4Q US GDP was revised upwards to 3.1% due to higher consumer spending. S&P downgraded Portugals creditworthiness, sending the countrys bonds lower for the fifth straight day.

Read More »


Treasury Will Sell MBS

03/25/2011

With no major developments in Japan or the Middle East and little economic data on the schedule, mortgage markets had one of their quietest weeks of the year.

Read More »


Mortgage Rates Up Slightly

03/24/2011

Rates are up slightly this morning as Durable Orders came in well below expectations with upward revisions to the prior month while Jobless Claims were in line with forecasts.

Read More »


Mortgage Market News

03/23/2011

Both the MBA purchase and refi indexes printed at +2.7% week-over-week; ARM applications jumped 8.0% and made up 11.5% of the total dollar amount of apps. Portugal faces a budget vote which may trigger a bailout, pushing yields on the most-indebted nations higher.

Read More »


Todays Market Color

03/22/2011

Yesterday, the US Treasury announced that they would start unwinding their $142B Agency MBS position at a pace of about $10B per month; TBAs instantly gapped down around 3/8 of a point when the story broke. UK inflation printed at 4.4%, more than twice as much as the 2% mandate, bringing increased speculation that the Bank of England will have to raise rates soon.

Read More »


Japan Makes Progress Cooling Reactors

03/21/2011

Over the weekend, Japan made progress cooling nuclear reactors; stock futures are up and the yen is down. Oil is higher after the US, UK and France attacked military targets in Libya.

Read More »


G7 Intervenes In FX Markets

03/18/2011

The G7 has intervened in the FX markets for the first time since 2000 by selling yen in an effort to stabilize the currency; the yen fell 3.4% against the dollar. China raised reserve requirements for the third time this year to cool inflation.

Read More »


Rates Lower on Global Events

03/18/2011

World events overshadowed domestic news in driving mortgage rates this week. The disaster in Japan and the violence in the Middle East helped push mortgage rates a little lower. Stronger than expected US economic data had just a small impact.

Read More »


Todays Market Color

03/17/2011

After PPI printed higher than expectations yesterday, CPI came in pretty close to consensus. The situation in Japan continues to look more dire by the day; the number of nuclear workers has been doubled to try and prevent a leak.

Read More »


Mortgage Market News

03/16/2011

MBA mortgage applications were down slightly week-over-week; purchases were off 4% while the refi index was up 0.9%. PPI surged 5.6% year-over-year (1.8% ex food and energy). Companies have started to relocate employees out of Tokyo.

Read More »


Nuclear Power Plant Crisis Continues

03/15/2011

Due to the inability to contain the nuclear power plant crisis in Japan, investors have become skittish sending the Nikkei down 10.5% today after a 7.5% sell-off yesterday, the largest two-day drop since the crash in 1987.

Read More »


Todays Market Color

03/14/2011

To assure financial stability after the 8.9 magnitude earthquake, the Bank of Japan has poured a record amount of cash into money markets today, 15 trillion yen ($183B); they also enlarged an asset-buying program by 5 trillion yen.

Read More »


Mortgage Rates Improve

03/11/2011

Concerns about the pace of global economic growth and continued violence in the Middle East helped mortgage rates improve this week. Very strong demand for this weeks longer-term Treasury auctions was also favorable. As a result, mortgage rates moved lower during the week.

Read More »


Earthquake Off Coast of Japan Causes Tsunami

03/11/2011

An 8.9 magnitude earthquake occurred 81 miles off of the coast of Japan causing a 10 meter tsunami; Sendai, a city with a population of 1 million people, received the brunt of the damage; insurance stocks are trading lower. In Saudi Arabia, anti-government demonstrators are advocating a "Day of Rage".

Read More »


Mortgage Market News

03/10/2011

Market is quiet this morning, showing little reaction to increased jobless claims and a wider than expected trade deficit.

Read More »


Mortgage Applications Are Up

03/09/2011

MBA mortgage applications were up 15.5% last week; the purchase and refi indexes were higher by 12.5% and 17.2%, respectively; applications for adjustable rate mortgages jumped 26.1%. The Treasury is scheduled to auction $21B of 10yr notes today and $13B of 30yr bonds tomorrow.

Read More »


Oil At 2.5 Year High

03/08/2011

Oil remains at a 2.5-year high as the tension in Libya continues. ECB council member Weber reiterated market sentiment that the ECB may raise rates from 1% to 1.75% over the course of this year. The Treasury is scheduled to auction $32B of 3yr notes today, $21B of 10yr notes tomorrow, and $13B of 30yr bonds on Thursday.

Read More »


Oil Rises Once Again

03/07/2011

Oil (+$2 to $106/barrel) and gold (+$10 to $1,441/ounce) are higher as the unrest in Libya continues. The Treasury is scheduled to auction $32B of 3yr notes tomorrow, $21B of 10yr notes on Wednesday, and $13B of 30yr bonds on Thursday.

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Todays Market Color

03/04/2011

Nonfarm Payrolls printed in line with expectations, +192K, and the unemployment rate dropped 0.2% to 8.9%; U6 decreased from 16.1% to 15.9%; the change in private payrolls was better than consensus. Stock futures are mildly higher; Treasuries and mortgages are hovering around unchanged.

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Little Change in Rates

03/04/2011

While investors continued to closely watch the events in the Middle East, there were few new developments there during the week. As a result, this weeks important economic data had the greatest influence on mortgage rates.

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Jobless Claims Improve

03/03/2011

Both initial and continuing jobless claims printed better than expected; productivity also beat estimates; stock futures are up sharply; Treasuries, mortgages and oil are lower in early trading. Consensus for tomorrows Nonfarm Payrolls number is +195K.

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Todays Market Color

03/02/2011

ADP printed at a better-than-expected +217K, vs. expectations of +180K; consensus for Fridays Nonfarm Payrolls is +193K. Mortgage applications were off 6.5%; the Refi index was down 6.5% and purchases were down 6.1%.

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Middle East Unrest - Oil Rises

03/01/2011

The turmoil continues to spread in the Middle East as Iran arrested opposition leaders to derail scheduled protests; Iran is the second-largest OPEC producer- oil is up about 1%. ADP (consensus is +175K) and Nonfarm Payrolls (consensus is +190K) are scheduled for release tomorrow and Friday, respectively.

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Todays Market News

02/28/2011

Personal income increased more than expected in January; spending decelerated. The unrest in Libya continues to prop up treasuries, partly due to a flight to quality, and partly due to rising oil prices providing a drag on the economy.

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Todays Mortgage News

02/25/2011

Rate markets are quiet this morning following a GDP number that missed expectations and tame inflation data.

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Mortgage Rates Lower on Geopolitical Tensions

02/25/2011

Geopolitical events overshadowed this weeks economic data and Treasury auctions. Unrest in the Middle East caused investors to seek relatively safer investments such as bonds. As a result, mortgage rates ended the week lower.

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Todays Market Color

02/24/2011

Initial and continuing jobless claims printed better than expectations; there were upward revisions to the previous week; durable goods orders posted a strong turn-around due to aircraft orders.

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Mortgage Applications Jump

02/23/2011

Mortgage applications jumped 13.2% last week; purchases increased 5.1% while the Refi index was up 17.8%. Concern over the unrest in Libya has oil trading above $96/barrel.

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Mortgage Market News

02/22/2011

Escalation of the violence in Libya has US Treasuries and oil trading higher. An ECB council member said that officials may toughen their language with regard to inflation next week, showing a willingness to raise rates in the coming months.

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Todays Market News

02/18/2011

Chinas central bank raised reserve requirements by 50bps 10 days after increasing interest rates in an effort to curb inflation; Barclays estimates that this move will lock up roughly 360B yuan ($55B). Treasuries are lower after an ECB official said that the US may need to start raising interest rates; the Treasury is scheduled to auction $99B next week.

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Mortgage Rates Improve

02/18/2011

After rising for several weeks, mortgage rates improved a little this week. The news on inflation was not as negative as investors may have feared, and the economic growth data was mixed.

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CPI Increases More than Projected

02/17/2011

CPI increased more than projected due to higher food and fuel costs; Initial and continuing jobless claims both jumped more than expected. Stock futures are mildly down after the data releases while Treasuries and mortgages are higher.

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Mortgage Market News

02/16/2011

MBA mortgage applications dropped 9.5%; purchases were 5.9% lower, the Refi index was off 11.4%. Housing starts surprised to the upside; PPI was more elevated than expected (CPI is scheduled for tomorrow).

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Import Prices Higher Than Expected

02/15/2011

Import prices, both month-over-month and year-over-year, printed much higher than expectations; Empire manufacturing was better than consensus; Retail sales were softer.

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Todays Market News

02/14/2011

China reported better-than-expected exports, which has pushed emerging markets stocks and commodities higher; Treasuries and mortgages are lower. PPI and CPI are due out later this week.

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Todays Market News

02/11/2011

Bonds, the U.S. Dollar and Oil are rallying while U.S. Stock Futures are trading lower this morning following Egyptian President Mubaraks refusal to resign immediately. The U.S. trade deficit widened for the second month in a row, printing at 40.6B, as oil imports are trading at their highest level in two years.

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Mortgage Rates Move Higher

02/11/2011

Inflation concerns and a higher than expected January budget deficit caused mortgage rates to move a little higher during the week. Solid demand for this weeks longer-term Treasury auctions helped prevent a larger increase in mortgage rates.

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Jobless Claims Lowest Since July 2008

02/10/2011

Bonds are trading lower this morning following the Initial Jobless Claims release which printed at 383K, the lowest level since July 08. European stocks dropped for the third day in a row while the dollar is rallying on concerns of rising global inflation.

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Todays Market Color

02/09/2011

Bonds are trading higher this morning on a light day for economic data. Emerging market stocks fell for the fifth day in a row on concerns that inflation is increasing around the globe. The Treasury is scheduled to auction $24B of 10yr notes today at 1pm EST.

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China Raises Benchmark Lending Rate

02/08/2011

China raised the benchmark one-year lending rate from 5.81% to 6.06%, the third increase since mid-October, due to the highest inflation in the last 30 months. Stock futures are hovering around unchanged; commodities are lower; Treasuries and mortgages are down.

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Strong European Earnings Raise Stocks

02/07/2011

Stocks are higher in early trading due to strong earnings in Europe and reduced tension in Egypt; Treasuries and mortgages are lower. The Treasury is scheduled to aution $32B of 3yr notes tomorrow, $24B of 10yr notes on Wednesday, and $16B of 30yr bonds on Thursday.

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Todays Market Color

02/04/2011

Nonfarm Payrolls printed at a worse-than-expected +36K; the unemployment rate dropped from 9.4% to 9.0%; seasonally adjusted U6 dropped to 16.1%, non seasonally adjusted U6 increased to 17.3%. Stock futures are higher, Treasuries and mortgages are off.

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Mortgage Rates Higher on Inflation Concerns

02/04/2011

Inflation concerns hit bond markets this week. Despite soothing comments from Fed Chief Bernanke, stronger than expected economic growth and higher commodity prices raised investor fears that future inflation may increase.

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Jobless Claims Better than Expected

02/03/2011

Initial and continuing jobless claims printed better than expectations; there were upward revisions to the previous week. Oil and copper are higher as the protests in Egypt have turned more violent.

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Tension in Egypt Pushes Stocks Down

02/02/2011

Despite the strong print on ADP (consensus for Nonfarm Payrolls on Friday is +143K), the escalating tension in Egypt is pushing stocks down; Treasuries and mortgages are higher.

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Chinese Manufacturing Grows

02/01/2011

Chinese manufacturing grew and Egypts military said that they wont fire on anti-government demonstrators. Stock futures are higher; Treasuries and mortgages are sharply lower. ADP (consensus +140K) and Nonfarm payrolls (+143K) will be released later this week, tomorrow and Friday, respectively.

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Personal Income and Spending Increase

01/31/2011

Both Personal Income and Spending increased in December. The markets will be focusing on the protests in Egypt today to see if the violence spreads to neighboring countries.

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Todays Mortgage News

01/28/2011

4Q GDP printed an annualized 3.2%, slightly worse than expectations, but still an acceleration from the 2.6% in the 3rd quarter; personal consumption also increased the most in 4 years. Stock futures are hovering around unchanged, Treasuries and mortgages are down sharply.

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Quiet Week for Mortgage Rates

01/28/2011

A week packed with potentially big market moving economic events turned out to be relatively quiet for mortgage rates. There were no major surprises from the Fed meeting, and the economic data was mixed compared to expectations.

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Todays Market Color

01/27/2011

Initial and continuing claims printed worse than expectations; Durable goods were also weaker than consensus. The Treasury is scheduled to auction $29B 7yr notes today.

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President Calls for Lowering Corp Tax Rate

01/26/2011

In his State of the Union speech last night, President Obama called for lowering the corporate tax rate for the first time in 25 years and reducing non-military spending by 400 Billion. MBA Mortgage applications came in .at -12.9% for the week ending January 21st.

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Todays Market Color

01/25/2011

Great Britains economy unexpectedly contracted in the fourth quarter, causing European stocks and U.S. index futures to fall. On tap later today are Case/Shiller and Consumer Confidence data releases.

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Earnings Point to Economic Recovery

01/24/2011

The US Dollar is rallying as recent earnings reports point to signs of an economic recovery. On tap later today are Case/Shiller and Consumer Confidence data releases.

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Mortgage Rates Climb

01/21/2011

Stronger than expected economic data with a hint of higher inflation was negative for mortgage markets this week. Concerns about the level of demand for US securities from China added to the pressure. As a result, mortgage rates ended the week higher.

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B of A Posts Fourth Quarter Loss

01/21/2011

Bank of America posted a $1.24B 4Q loss after boosting provisions tied to faulty loans and litigation; they also wrote down the value of their mortgage unit. US stock futures are higher on GEs earnings.

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Todays Mortgage Market News

01/20/2011

Both initial and continuing claims printed better than expectations. After Goldman Sachs disappointed the market with yesterdays earnings, Morgan Stanley missed consensus due to lower trading revenue. US stock futures, Treasuries and mortgages are all lower in early trading.

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Goldman Sachs Earnings Drop

01/19/2011

Goldman Sachs earnings plunged 52%, on decreased revenue from trading and investment banking, which was in line with analysts estimates. Housing Starts decreased 4.3% to a one-year low of 529k/year, the second lowest reading on record.

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Todays Market Color

01/18/2011

Citigroup posted profits of $1.31B in the fourth quarter, slightly worse than expectations; shares are down in early trading; JP Morgan announced earnings last week and Bank of America is set to announce on Friday.

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Todays Mortgage News

01/14/2011

Today was the big day for economic data this week, and MBS markets moved higher after the mixed results came out. December CPI rose 0.5% from November, above the consensus forecast of 0.4%, and the largest monthly increase since June 2009. CPI was still just 1.5% higher than one year ago, though.

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Low Inflation and Strong Demand

01/14/2011

Favorable conditions helped mortgage rates move a little lower this week. The inflation data released during the week showed that inflation continued to remain at very low levels. In addition, demand for longer-term Treasury securities was strong.

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Rates Dip

01/13/2011

Rates are slightly lower this morning following an unexpected jump in jobless claims. Headline PPI printed higher than forecast and rose the most in 11 months.

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Import Prices Jump 1.1% Last Month

01/12/2011

Import Prices jumped 1.1% last month due to higher fuel and food costs; there was an upward revision to the previous month. MBA mortgage applications were up 2.2%; the Refi index was 4.9% higher and purchases were off 3.7%.

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Japan to Purchase Bonds

01/11/2011

Japan plans to buy "more than 20 percent" of the bonds issued by Europes financial-aid funds amid concern that Portugal and Spain will ultimately need to be bailed out; the Euro is up against the yen; stocks are higher.

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Todays Market Color

01/10/2011

European governments will auction off $43B in bonds this week which has rekindled fears about the ability for individual nations to pay the money back; credit-default swaps on Portugal have climbed to a new high, 547bps.

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Todays Market Color

01/07/2011

Due to the forecast of 300K jobs from ADP on Wednesday, expectations for todays Employment report varied widely. Against a consensus forecast of 150K, the economy added 103K jobs in December. Revisions to prior months added an additional 70K jobs, bringing the total close to expectations.

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Mortgage Rates Little Changed

01/07/2011

The volatility in mortgage rates continued during the first week of the year. Prior to Fridays Employment report, nearly all the economic data was stronger than expected, which was negative for mortgage rates. Rates improved after the Employment data, though, and ended the week nearly unchanged.

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Todays Mortgage Marketplace

01/06/2011

Initial jobless claims climbed 18k week-over-week, the 4-week average dropped, however, to 410,750, the lowest level since July 2008; continuing claims printed higher than expectations; consensus for tomorrows Nonfarm Payrolls number is +150K.

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Payrolls Increase More Than Expected

01/05/2011

Bonds are trading lower following this mornings ADP release. The report showed that payrolls increased by 297K, much higher than the 100K expected by most analysts.

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UK Manufacturing Expanding

01/04/2011

UK manufacturing expanded at the fastest pace in 16 years, signaling the economy may be improving; European equities and US stock futures are higher.

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Todays Mortgage Marketplace

01/03/2011

This morning, a rally in the stock market has hurt MBS markets, which have lost most of their gains from Fridays session.

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Inital Jobless Claims Lowest In 2 Years

12/30/2010

Jobless claims data was mixed with Initial Claims printing better than expectations (lowest level since July 12, 2008), while Continuing Claims disappointed.

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Todays Market News

12/29/2010

MBS prices are up +8/32 (FNMA 30-yr 4.5 at 101.16), which is about 12/32 lower than yesterday at this time. Unfavorable re-pricing took place yesterday.

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Retail Sales Up 5.5%

12/28/2010

According to MasterCard Advisors SpendingPulse, retail sales for the 11/5-12/24 time period were up 5.5% year-over-year to $584B. The dollar is down pre-S&P/Case Shiller on the expectation that housing prices may have declined.

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Todays Market Color

12/27/2010

The Peoples Bank of China raised the one-year lending rate by 25bps to slow down inflation; global equities are down and US Treasuries are lower.

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Jobless Claims Drop

12/23/2010

Bonds are trading lower this morning in a shortened trading session with the market scheduled to close at 2PM EST. Initial Jobless Claims fell by 3K to 420K for the week ending December 18th, which was in line with analysts expectations.

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Mortgage Rates Steady

12/23/2010

There were few surprises from the economic news released this week. The economic data generally was very close to the consensus forecasts, and activity levels were low during the holiday season.

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Economy Expands Less Than Exptected

12/22/2010

Bonds are trading slightly lower following this mornings economic data releases. The U.S. economy expanded at a rate of 2.6% annualized in the third quarter, less than the 2.8% anticipated by most analysts.

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Todays Mortgage News

12/21/2010

Bonds are trading higher again today ahead of a slew of economic data scheduled for release on Wednesday and Thursday. There are concerns that Portugals credit rating may be downgraded one or two levels by Moodys in the latest chapter of the European debt crisis.

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Bonds Rallying Third Day In A Row

12/20/2010

Bonds are rallying for the third day in a row on another light day for economic data. There are concerns that Frances AAA credit rating may be at risk following Moodys Investor Service lowering of Irelands credit rating to Baa1 last Friday.

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Congress Extends Tax Cuts

12/17/2010

Bonds are rallying again today on a light day for economic data. Moodys Investor Service lowered Irelands credit rating 5 levels to Baa1 and suggested that further downgrades are possible in the future.

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Congress Passes Tax Deal

12/17/2010

It was another tough week for mortgage rates. Tuesdays Fed meeting contained no surprises, so investors focused on stronger than expected economic growth data and progress on the tax deal, which was passed late in the week.

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November Housing Starts Rise

12/16/2010

It already has been an extremely volatile morning. November Housing Starts rose 4% from October to an annual rate of 555K units, slightly above the consensus forecast of 550K.

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30 Year Fixed Rate Rises

12/15/2010

MBA mortgage applications were down 2.3%; the Refi index was off 0.7% and purchases were 5.0% lower; the 30yr fixed rate went from 4.66% in the previous week to 4.84%.

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Producer Price Index Rises

12/14/2010

Stronger than expected economic data has hurt MBS markets this morning. November PPI inflation rose 0.8% from October, above the consensus forecast of 0.5%, and was 3.5% higher than one year ago.

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China Refrains From Raising Rates

12/13/2010

China refrained from raising interest rates, sending stocks and commodities higher; Treasuries and mortgages are down.

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Exports Hit Two-year High

12/10/2010

The US Trade deficit dropped by 13% due to exports hitting a two-year high; China reported record imports and will require banks to increase reserves for the third time this year.

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Tax Deal Pushes Mortgage Rates Higher

12/10/2010

At the start of the week it looked like mortgage rates might reverse some of their recent increases.

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Todays Market Color

12/09/2010

Initial jobless claims printed slightly better than expectations; Continuing claims improved by almost 200K. Positive economic news out of Australia and Japan has global equities pointing higher; US stock futures and bonds are up.

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Todays Mortgage News

12/08/2010

MBA mortgage applications were down 0.9% last week (off 16.5% the previous week); the Refi index is down 1.4%, while purchases increased 1.8%. With the extension of tax cuts, the dollar is strengthening on the prospect of better growth; stocks, bonds and commodities are lower.

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President Obama Extends Tax Cuts

12/07/2010

President Obama agreed to extend the Bush tax cuts for two years which, an economist at Barclays stated, "puts less of an onus on monetary policy to actually stimulate the economy"; stock futures are up sharply, Treasuries and mortgages are down.

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Economy Barely Expanding

12/06/2010

On "60 Minutes" last night, Fed Chairman Bernanke said the economy is barely expanding, and at the current pace, it will be several years before employment is back on track.

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Todays Market Color

12/03/2010

Market has covered a significant amount of territory this morning, opening with rates higher but swinging to a sharp rally following Novembers disappointing employment data.

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Employment Report Falls Short

12/03/2010

It was another extremely volatile week for mortgage rates. Stronger than expected global and domestic economic data pushed mortgage rates higher early in the week, particularly on Wednesday.

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Todays Mortgage News

12/02/2010

Investors anticipate that ECB President Trichet will delay the withdrawal of unlimited cash to banks and increase bond purchases. Stock futures are up; mortgages and Treasuries were down sharply before Initial and Continuing Jobless Claims printed worse than expectations.

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Todays Market Color

12/01/2010

This morning, the President of the European Central Bank (ECB) suggested that the ECB would purchase additional troubled assets to support weaker nations. This would reduce the risk of defaults on government debt, and the safety trade reversed on the news, pushing bond markets lower and stock markets higher.

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European Stocks Down On Debt Concerns

11/30/2010

European stocks are down on more debt concerns; Spain has 85B euros ($111B) of debt to roll in 2011, and with yields surging, Europes 3rd largest budget deficit may have a difficult time doing so.

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Ireland Bailout Finalized

11/29/2010

The bailout of Ireland was finalized over the weekend with an aid package of 85B euros ($113B); the term on Greeces aid package was reset 4.5 years longer to match the 7yr term that Ireland received; there is growing speculation that Spain and Portugal will also need to be bailed out.

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MBA Applications Inch Up

11/24/2010

MBA mortgage applications were up 2.1% week-over-week; purchases were 14.4% higher while the Refi index was off 1%. Durable goods orders came in much weaker than consensus; Initial and Continuing Jobless claims data was stronger.

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Todays Market Color

11/23/2010

With the tension between North and South Korea, there has been a flight to quality to US debt. 3rd quarter GDP printed at +2.5%, slightly better than expectations. There is a $35B 5yr note auction today and a $29B 7yr note auction tomorrow.

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Ireland Requests Rescue Package

11/22/2010

After much speculation, Ireland became the second European nation to request a rescue package; Moodys stated that there would most likely be a "multi-notch" downgrade of Irelands debt; there is still fear of contagion and speculation that Portugal and Spain would at some point need to tap the rescue fund.

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Bernanke Defends QE2

11/19/2010

Fed Chairman Bernanke spoke to the European Central Bankers this morning defending QE2; the Fed is scheduled to purchase between $1.5B and $2.5B in Treasuries with maturities ranging from August, 2028 to November, 2040.

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What s Going On With Mortgage Rates?

11/19/2010

After reaching the lowest levels in decades, mortgage rates have shot higher over the past two weeks. There is not a simple explanation for why this happened, but looking at the many factors which are influencing mortgage rates right now will help to understand whats going on.

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Today’s Market Color

11/18/2010

Stronger than expected Philly Fed manufacturing data hurt MBS markets. News that an aid package for Ireland worth "10s of billions" of euros has rates higher and equities rallying.

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MBS Markets Rise

11/17/2010

It has been a volatile morning. Weaker than expected economic data lifted MBS markets. October CPI rose 0.2% from September, below the consensus forecast of 0.4%, and increased at a 1.2% annual rate. Core CPI was unchanged, compared to a consensus of 0.1%, and was 0.6% higher than one year ago, a record low reading.

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Home Depot Beats Earning Estimates

11/16/2010

Month-over-month PPI printed softer than expectations; despite the strong rally in commodities in the last year, year-over-year PPI is only at 4.3%. Walmart and Home Depot both beat earnings estimates.

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Todays Market Color

11/15/2010

Retail sales printed better than expectations with upward revisions to the previous month. Equities are stronger and TBAs are roughly 40 ticks lower than they were at Wednesdays close. Ireland may need to tap the European Financial Stability Facility for capital for its banking sector.

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Todays Market Color

11/12/2010

The G-20 is not heavily supporting the US in efforts to get China to unpeg the yuan to the dollar. There will be meetings today to discuss Irelands current debt crisis; Irish bonds are rallying on speculation that there will be a bailout.

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Mortgage Rates End Higher

11/12/2010

The volatility in mortgage rates continued. During the week, Freddie Mac reported that average 30-year fixed rates dropped to the lowest level in decades, but mortgage rates moved higher later in the week.

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MBA Applications Up 5.8%

11/10/2010

MBA mortgage applications were up 5.8% week-over-week; the Refi index jumped 6%, purchases were 5.5% higher. Initial jobless claims printed better than expectations; both initial and continuing claims were revised upwards for the previous week.

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European Equites Reach 2-year High

11/09/2010

Adecco SA and Barclays beat earnings estimates, pushing European equities to the highest levels in two years. Commodities and the yen are up, the dollar is weaker. The Treasury will auction $24B in 10yr notes today and $16B in 30yr bonds tomorrow.

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Irish Bonds Continue to Fall

11/08/2010

Irish bonds fell for the 10th consecutive day in early trading due to concern that Ireland will struggle to repay their debts. This has also dragged the euro lower against most other currencies.

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Stronger Than Expected Employment Data

11/05/2010

Stronger than expected Employment data pushed MBS markets lower this morning. Against a consensus forecast for a gain of 60K jobs, the economy added 151K jobs in October.

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Fed Announces Stimulus

11/05/2010

As expected, a week packed with major economic events produced a great deal of daily volatility in mortgage rates. The Feds announcement was positive for mortgage rates, the Employment report was negative, and the election results were neutral.

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Todays Market Color

11/04/2010

QE2, initial claims and productivity gains are contributing to a widespread rally this morning in which most asset classes are catching a bid.

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Private Sector Gains Jobs

11/03/2010

Bonds are trading higher again today despite the ADP Employment Change printing better than expected. According to ADP, the private sector gained 43,000 jobs vs. the 20,000 expected by most analysts. Today is day 2 of the FOMC meeting and as mentioned yesterday, most economists believe that they will announce a plan to buy at least $500B of long-term securities.

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Election Will Influence MBS Markets

11/02/2010

The big story today is the election. As the results become clearer during the session and into the evening, they will influence MBS markets. Republicans are expected to gain ground. The Dow is up 100 points. The FOMC meeting announcement will be released tomorrow around 2:15 et. Australia and India raised interest rates to cool inflation.

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Todays Market Color

11/01/2010

Both personal income and spending printed weaker than expectations. With Fed Chairman Bernanke heavily promoting QE2, other central banks are considering their own stimulus packages to prevent their currencies from rallying too much against the dollar, hurting their exports and subsequent economic recovery.

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3Q Consumer Spending Increases

10/29/2010

3Q GDP grew at a 2% annual rate as consumer spending increased the most in four years. According to ForeclosureRadar, home sales have decreased the most in states that have been hardest hit by the real estate downturn, as Arizona, Nevada and Californias trustee sales are down 42%.

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Big Week Ahead

10/29/2010

Ahead of next weeks FOMC meeting and election results, mortgage rates have been very volatile. Rising rates early in the week were partially offset by improving rates later in the week. In the end, mortgage rates finished the week just a little higher.

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Unexpected Drop In Jobless Claims

10/28/2010

Bonds are trading higher this morning despite an unexpected drop in Initial Jobless Claims. For the week ending October 23rd, Initial Claims decreased by 21,000 to 434,000 while Continuing Claims also printed lower than analysts expectations.

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Purchase and Refi Applications Up

10/27/2010

MBA mortgage applications were 3.2% higher week-over-week; both purchases and refis were up, 3.9% and 3.0%, respectively. Durable goods orders were mixed. Deutsche Bank beat 3Q earnings estimates due to their corporate banking and securities unit net income growing 12%.

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Ford Posts Record Net Income

10/26/2010

Ford posted record net income of $1.69B in the third quarter. On US dollar strength, stocks, bonds, and commodities are all lower. The following auctions are scheduled for this week: $35B 2yr notes today, $35B 5yr notes tomorrow, and $29B 7yr notes on Thursday.

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Todays Market Color

10/25/2010

The Chicago Fed index number printed slightly worse than expectations; existing home sales data is due out later this morning. Fed Chairman Bernanke is currently speaking on how regulators are "intensively" examining home-foreclosure practices and expect to release preliminary findings next month.

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Positive Earning Raise Stock Futures

10/22/2010

More positive earnings has US stock futures trading higher while bonds are lower. SanDisk, the largest maker of flash memory cards, had 3Q earnings jump from $0.75/share to $1.30/share, and Schlumbergers, an oil driller, net income doubled to $1.7B.

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Mortgage Rates Improve Modestly

10/22/2010

Uncertainty about an expected new Fed stimulus program created a lot of movement in mortgage rates during the week. Fed officials offered few details about the program, though.

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Ebay and Nokia Post Strong Earnings

10/21/2010

Initial jobless claims printed slightly better than expectations, while continuing claims were worse; the previous weeks initial claims was revised upwards for the 25th time in the last 26 weeks. Strong earnings from EBay, Caterpillar and Nokia have pushed stock futures higher and bonds mildly lower.

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Mortgage Applications Drop

10/20/2010

Despite the low rates, MBA mortgage applications posted a 10.5% week-over-week drop; the Refi index was down 11%, purchases were 6.7% lower. After Goldman announced a 40% drop in 3Q net income yesterday, Morgan Stanley announced that profits before preferred dividends dropped 83%.

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New Housing Data

10/19/2010

There were mixed results on housing data released this morning: Housing starts printed much better than expectations, building permits were softer. Goldman announced a 40% drop in 3Q net income to $1.9B.

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Todays Market Color

10/18/2010

Bonds are trading higher and stock futures are lower ahead of this mornings economic releases.

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Todays Market Color

10/15/2010

A speech by Fed Chief Bernanke and a big release of economic data has produced a volatile morning so far. September CPI rose 0.1% from August, less than expected, and increased at a 1.1% annual rate. Core PPI, which excludes food and energy, was unchanged from the prior month, also less than expected.

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PPI Rises Moderately

10/14/2010

Todays economic data came in close to expectations and had little impact. September PPI rose 0.4% from August and increased at a 4.0% annual rate. Core PPI, which excludes food and energy, rose 0.1% from the prior month and increased 1.6% from one year ago.

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Todays Market Color

10/13/2010

MBS prices are down -3/32 (FNMA 30-yr 4.0 at 103.02), which is about 9/32 lower than yesterday at this time. Unfavorable repricing took place yesterday. The 30-yr fixed FNMA required net yield (60 day) is now at 3.72%, from 3.64% yesterday.

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China Boosts Reserve Requirements

10/12/2010

In an effort to cool their economy, China boosted reserve requirements for six lenders. Coupled with fears that US earnings will disappoint this week, stock futures are lower while mortgages and Treasuries are up.

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Todays Market Color

10/08/2010

Nonfarm payrolls printed at -95k vs. a consensus of -5k; the unemployment rate remained at 9.6%; underemployment, U6, jumped from 16.7% to 17.1%. Bonds are higher, stocks are mixed.

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Jobless Claims Drop Again

10/07/2010

This morning, weekly Jobless Claims dropped to 445K, below the consensus forecast of 455K, and the lowest level since July 10. The four-week average, a less volatile measure, fell to 456K.

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Mortgage Applications Inch Up

10/06/2010

ADP printed at a worse than expected -39K; consensus for Friday Nonfarm Payrolls is 0K. MBA mortgage applications increased 0.2%- the purchase index increased by 9.3%, while the much larger refi index dropped 2.5%. Stocks are mixed, bonds are up.

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Bank of Japan Cuts Benchmark Rate

10/05/2010

The Bank of Japan cut the benchmark interest rate to between 0 and 0.1% and set up a 5T yen ($60B) fund to buy government bonds and other assets. Fed Chairman Bernanke also said that more asset purchases by the Fed would "ease financial conditions". ADP is scheduled for release tomorrow (consensus is +20K) and Nonfarm payrolls is set for release on Friday, no change expected.

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Today s Market Color

10/04/2010

More recovery fears have global equities lower in early trading; the 2yr note briefly hit a record low yield of .3987%. ADP is scheduled for release on Wednesday (consensus is +20K) and Nonfarm payrolls is set for release on Friday, no change expected.

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Personal Income and Spending Increase

10/01/2010

Personal income and spending both printed higher than consensus. Chinese manufacturing grew at the fastest pace in 4 months; global equities are slightly positive, bonds are lower.

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AIG and Goverment Come to Agreement

09/30/2010

Jobless claims data was mixed with the current weeks numbers printing better than expectations while the previous weeks figures were revised upwards. AIG and the US government have come to an agreement that the $49.1B of preferred stock will be converted to 1.66B shares of common stock and sold in the open market.

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Todays Market Color

09/29/2010

MBA mortgage applications fell 0.8% week-over-week; the refi index was down 1.6%, while purchases increased 2.4%. There is a $29B 7yr note auction scheduled for this afternoon.

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Home Prices Increase

09/28/2010

The July Case-Shiller 20-city home price index increased 0.6% from June, and was 3.2% higher than one year ago. The Wall Street Journal reported that Fed officials are considering a different approach if they decide to purchase more bonds to stimulate the economy.

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Todays Market Color

09/27/2010

The US Treasury Department is rumored to be considering converting their $49B in AIG preferred shares into common stock so that funds can be returned to taxpayers during 2011. US stock futures and bonds are slightly higher in early trading; gold remains above $1,300/ounce.

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Home Sales Better Than Consensus

09/24/2010

Capital goods orders printed much better than expectations with upward revisions made to the previous month. After existing home sales posted a better than consensus increase yesterday.

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Jobless Claims Continue to Struggle

09/23/2010

Initial and continuing jobless claims printed worse than expectations. Yield on government bonds from Ireland and Portugal widened relative to Germanys on concern that they wont be able to repay their debt; European stocks and US stock futures are down.

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Todays Market Color

09/22/2010

MBA mortgage applications were down 1.4% week-over-week; the Purchase index was off 3.3%, the Refi index was 0.9% lower. On speculation that the Fed will put more cash into the economy and expand their $2.3T balance sheet, the dollar is lower for the 3rd consecutive day and gold has hit another record high.

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Housing Starts Jump 11%

09/21/2010

This morning, August Housing Starts rose 11% to an annual rate of 598K units, above the consensus forecast of 550K, and the highest level since April. Building Permits, a leading indicator, rose 2%, also beating expectations.

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GMAC to Suspend Foreclosures

09/20/2010

European stocks and US equity futures are up after Moodys reaffirmed their AAA rating for England. GMAC announced that they will be suspending foreclosures in 23 states, including Florida, New York and Connecticut, as they "take corrective action in connection with some foreclosures".

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Core CPI Increases

09/17/2010

It has been a quiet morning. August CPI inflation increased 0.3% from July, matching the consensus forecast, and it was 1.1% higher than one year ago. Core CPI, which excludes food and energy, rose at a lower than expected 0.9% annual rate.

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Gold Continues to Rise

09/16/2010

Jobless claims data was mixed-initial jobless claims printed slightly better than expectations (lowest level in 2 months), while continuing claims were higher than consensus. On the continued global economic uncertainty, gold has set a new record high; $1,277.90/ounce.

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Import Prices Jump

09/15/2010

Mortgage applications dropped 8.9% last week; the Refi Index was off 11%‚ purchases were 0.4% lower. Import prices jumped due to oil and food costs. Japan intervened in the FX market for the first time in 6 years as the strengthening yen is dampening the economic recovery.

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Index Up for Second Straight Month

09/14/2010

Bonds are trading higher this morning despite retail sales printing better than expected. The index was up for a second month in a row with purchases increasing 0.4% vs. 0.3% expected by most analysts.

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Today’s Market Color

09/13/2010

MBS prices are up +4/32 (FNMA 30-yr 4.0 at 102.07)‚ which is about 6/32 higher than Friday at this time. The 30-yr fixed FNMA required net yield (60 day) is now at 4.04%‚ the highest level since August 5‚ from 3.96% Friday.

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MBS Prices are Down

09/10/2010

MBS prices are down -7/32 (FNMA 30-yr 4.0 at 102.11)‚ which is about 15/32 lower than yesterday at this time.

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Jobless Claims Stronger Than Expected

09/09/2010

Weekly Jobless Claims came in stronger than expected‚ which hurt MBS markets and helped stocks. Jobless Claims fell to 451K‚ below the consensus forecast of 470K. The July Trade Balance was -$42.8 billion‚ below the consensus of -$47.0 billion.

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Temp Reprieve Over Fears of European Debt

09/08/2010

MBA mortgage applications printed down for the first time in 6 weeks‚ -1.9%; refinancing declined 3.1% and purchase applications were up 6.3%. A strong bond auction in Portugal provided some temporary reprieve over European debt fears; equities are higher. The Treasury will auction $21B in 10yr notes today and $13B of 30yr bonds tomorrow.

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Treasuries and Mortgages Rise

09/07/2010

European stocks and US equity futures are lower on concern that Europe’s debt crisis will worsen; yield spreads between German debt and that of Ireland and Greece widened; Treasuries and mortgages are higher. The Treasury will auction $33B in 3yr notes today‚ $21B in 10yr notes tomorrow, and $13B of 30yr bonds on Thursday.

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Private Payrolls Increase

09/03/2010

Nonfarm payrolls printed at a better-than-expected -54K, vs. -105K consensus; private payrolls increased by 67K; the unemployment rate ticked up to 9.6%; U6 rose from 16.5% to 16.7%. Stock futures are higher post-release while Treasuries and mortgages are sharply lower.

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Jobless Claims Print as Expected

09/02/2010

Initial and continuing jobless claims printed in-line with expectations; consensus for tomorrow’s Nonfarm payrolls is -100K. The EU plans to limit naked short sales of stock and government debt which can cause a “disorderly market and possible systemic risks”.

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Today’s Market Color

09/01/2010

ADP printed worse-than-expectations‚ -10K vs. +15K; consensus for Friday’s Nonfarm payrolls is -100K. Manufacturing data in China surprised to the upside; equities are up‚ mortgages and Treasuries are lower.

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Today’s Market Color

08/31/2010

Treasuries are adding onto yesterday’s rally on concern that Consumer Confidence, scheduled to be announced later this morning, will show that the recovery is faltering; stocks are lower globally. The FOMC minutes are set for release at 2PM.

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Yen Continues to Appreciate

08/30/2010

Personal income and spending printed close to expectations, up 0.2% and 0.4%, respectively. Despite measures by the Bank of Japan to weaken the currency, the yen continues to appreciate against most other major currencies on the view that the credit-easing measures enacted will not be enough.

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Bernanke Scheduled to Speak

08/27/2010

2Q GDP was revised down from 2.4% to 1.6%; personal consumption printed better than expected. Fed Chairman Bernanke is scheduled to speak at 10AM and the market is hoping for some sort of announcement regarding quantitative easing to help bolster the economy.

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Equites Futures Get Boost

08/26/2010

Initial claims printed lower than expected this morning bringing rates off their morning lows and providing a boost to equities futures. Right now, the futures market is pricing in a 95% chance that the Fed keeps rates between 0% and 0.25% through December 14th, 2010.

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Stocks Remain Low

08/24/2010

Stocks are lower for the fourth consecutive day in early trading on more fears that the global economy is slowing. The yen is at a 15-year high against the dollar. Existing Home Sales are expected to show a large drop when reported later in the morning. The Treasury is scheduled to auction $37B in 2yr notes today, $36B in 5yr notes tomorrow, and $29B in 7yr notes on Thursday.

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Company Takeover Rumors

08/24/2010

Takeover rumors (HP offer to buy 3Par, HSBC looking to purchase a stake in Nedbank) have equities slightly higher in early trading; bonds are mildly lower. There will be a total of $102B sold in 2yr, 5yr and 7yr notes this week.

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Treasury Announcement

08/20/2010

The Treasury announced that they would be reducing the amount being auctioned next week in 2yr, 5yr, and 7yr notes. There will be a total of $102B sold, the lowest of that combination since May 2009. ECB member Weber said that they may withdraw emergency lending measures to banks in the first quarter of 2011.

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New Home Sales Report Later Today

07/26/2010

New home sales are due out later this morning and are projected to print near record lows. Several economists have revised their 3-5 year global growth forecasts downward from around 4.75%-5% to the 3%-3.25% range, dragging equities futures lower in early trading, while bonds are mixed.

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Ford Posts Strong 2Q

07/23/2010

Ford posted a $2.6B 2Q profit, $0.68/share, beating the $0.41/share consensus; England's GDP grew at a faster clip than expected, 1.1% vs. 0.6%; German business confidence hit a 3-year high. Stocks are up this morning, bonds are lower.

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Today's Market Color

07/22/2010

Initial jobless claims printed higher than expectations; continuing claims were lower. Yesterday, Fed Chairman Bernanke said that even though the economy is "unusually uncertain" that the Fed will only take additional steps to reinvigorate the economy "if the recovery seems to be faltering". Stocks fell during his testimony, but are back up this morning on a few strong earnings reports.

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Refi Index Up 8.6%

07/21/2010

MBA Mortgage Applications jumped by 7.6% last week; the refi index was up 8.6%, while the purchase index was 3.4% higher. After JP Morgan and Goldman reported lower trading revenue than expected earlier in the week, Morgan Stanley announced stronger than consensus numbers. Wells Fargo also beat street estimates due to smaller loan losses.

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Bonds High in Early Trading

07/20/2010

Housing starts printed at a worse-than-expected -5.0%, with a downward revision to the previous month. Goldman and IBM posted earnings that were below consensus. Stock futures are lower, bonds are higher in early trading.

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First TIme On Record

07/19/2010

Earnings reports and rumors of four $1B+ takeovers have equities rallying in early trading. For the first time on record, central banks, mutual funds and US banks are buying more Treasuries at auction than Wall Street bond dealers, 57% this year compared to 45% one year ago.

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Goldman To Pay $550MM

07/16/2010

CPI printed in-line with expectations; Ex-food and energy was slightly higher than consensus. Goldman agreed with the SEC to pay a $550MM fine, saying the marketing material for the CDO at the center of the investigation contained "incomplete information"; the Senate approved the financial-overhaul bill which President Obama is likely to sign into law in the next week.

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Jobless Claims Mixed

07/15/2010

Lower-than-expected food and energy costs led to a PPI print below consensus; jobless data was mixed with initial claims stronger than expected while continuing claims remain elevated. JP Morgan announced stronger earnings than expectations; net income was $4.8B in the second quarter versus $2.72B one year ago.

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Purchase Index Down

07/14/2010

Despite the low-rate environment, MBA mortgage applications dropped 2.9%; the purchase index was down 3.1%, printing at its lowest level in 13 years. The Treasury is scheduled to auction $13B of 30yr bonds today.

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US Trade Deficit Widest in 17 Months

07/13/2010

The US trade deficit gapped to the widest level in 17 months due to higher than expected imports. The Treasury is scheduled to auction $21B in 10yr notes today and $13B of 30yr bonds tomorrow.

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Today's Market Color

07/12/2010

China's copper and iron ore exports dropped last month, signaling the global economy may be stagnating; Treasuries are higher, stocks and metals are lower. Later this week, CPI, PPI, and Retail Sales are scheduled for release.

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Cost of Insuring Bank Debt Falls

07/09/2010

European equities are up, again, this morning on optimism that the global recovery will continue; commodities are up; the cost of insuring bank debt fell to the lowest levels in eight weeks; US debt is also higher.

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IMF Raises Global Growth Estimate

07/08/2010

Initial and continuing jobless claims printed better than expected. The IMF raised their global growth estimate from 4.2% to 4.6%, yet warned that the financial market turmoil has added risks to the recovery. US Stock futures are up, bonds are lower.

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Refi Index Up 9.2%

07/07/2010

MBA Mortgage applications jumped by 6.7% last week; with the depressed rates, the Refi index was up 9.2%; Purchases were down 2%, printing at their second-lowest level since 1997. Stock futures are down on concern that earnings will disappoint for the past quarter; the 2yr note is near record lows in yield.

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European Equities Are Higher

07/06/2010

European equities are higher this morning with shares trading at their cheapest levels relative to earnings since 2009. REIT debt yield gapped in June relative to other bonds, showing that the potential economic slowdown has increased fears of more defaults.

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Today's Market Color

07/01/2010

Initial and continuing claims printed higher than expectations; consensus for tomorrow's Nonfarm Payrolls is -125K. Stock futures are lower on the news, bonds are close to unchanged.

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Refinances Jump 13%

06/30/2010

MBA mortgage applications were up 8.8% last week; purchases were down 3.3%, while refinancing jumped 13% with the lower rates. ADP printed at +13K, less than the 60K boost that was expected; consensus for Nonfarm Payrolls on Friday is -115K.

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US Bond Market Rises Again

06/29/2010

The US bond market is higher, again, this morning amidst Equities fears abroad, as well as concern that economic growth in China may be slowing.

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Personal Spending Increases

06/28/2010

Even though personal income showed a slight downtick in the economic releases this morning, personal spending posted an increase, showing that the consumer may be getting more confident about where the economy is heading. The G-20 agreed to pursue higher capital requirements for banks once economies start to recover fully.

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Overhall to Financial Regulations Bill

06/25/2010

GDP grew by 2.7% in the first quarter, less than previously reported. Lawmakers from the House and the Senate worked through the night to reconcile their two versions of the financial regulations bill, which will be the most sweeping overhaul since the Great Depression.

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Fed Statement on Economy

06/24/2010

Initial and continuing jobless claims printed in-line with expectations. Yesterday, the Fed said that "the economic recovery is proceeding and that the labor market is improving gradually...Housing starts remain at a depressed level...Bank lending has continued to contract in recent months". The Fed left rates unchanged.

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Existing Home Sales Dip

06/23/2010

Yesterday, Existing Home Sales printed much worse than expectations, down 6.0% month-over-month versus a consensus 2.2% increase; New Home Sales is scheduled for release later this morning. The Fed will announce their decision this afternoon and are expected to leave interest rates unchanged but the market will likely be more focused on the language that the Fed uses as to when they may raise rates.

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England To Tax Bank Balance Sheets

06/22/2010

UK Chancellor Osborne announced that England will start to tax bank balance sheets next year to generate an extra 2B pounds in revenue to help close the budget deficit. The Fed begins their two day meeting today; they are expected to leave rates unchanged but the market will likely be more focused on the language that the Fed uses as to when they may raise rates.

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Gold Hits Record High

06/21/2010

The People's Bank of China announced that they will end a 2 year peg on the dollar; oil, copper and equities are rallying, gold hit a new record high. China also increased holdings of US Treasury notes by 2.6% in March and April to $900B after 4 consecutive monthly declines.

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Gold Hits New High

06/18/2010

Gold hit a new high in early morning trading; gold looks to be heading for the 10th straight annual increase, the longest run since 1920. Moody's cut BP's credit rating 3 levels to A2. Stocks and bonds are slightly lower this morning.

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Jobless Claims Post Higher Than Expected

06/17/2010

CPI printed in-line with expectations; initial and continuing jobless claims posted worse than expectations. Spain was able to sell 3B euros of 10yr debt at a yield of 4.864%, less than the projected 5.04%, causing European stocks and bonds to rally. The euro is higher against other currencies.

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Mortgage Applications Surge 17.7%

06/16/2010

MBA mortgage applications were up 17.7% last week. With the price surge in mortgages, the refi index was up 21%, reaching the highest level in a year. Housing starts and building permits printed much worse than expectations. Stock futures are down in early trading due to a lower-than-expected earnings forecast from FedEx; bonds are up.

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Empire Manufacturing Increases

06/15/2010

Import prices printed slightly higher than expectations, with upward revisions to the previous month; Empire Manufacturing posted a month-over-month increase. Moody's cut Greece's credit rating down 4 grades; the Greek/German 10yr yield spread widened to 605bps. The Compass Mandatory/Best Efforts Spread widened 9bps to 45bps.

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Today's Market Color

06/14/2010

The European Union reported that industrial production increased 0.8% in April, more than economic forecasts. Stocks and commodities are up, bonds are lower. PPI, CPI, and housing starts data is due out later this week.

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Retail Sales Unexpectedly Drop

06/11/2010

Retail sales unexpectedly dropped in May as consumers boosted savings amidst slowing employment and a declining stock market. Stocks are lower, bonds are higher in early trading. In credit markets, the yield spread between European corporate debt and US corporate debt is the widest on record, signaling that investors are not confident that European lawmakers can tame their financial crisis.

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Jobless Claims Continue to Drop

06/10/2010

Both initial and continuing jobless claims dropped week-over-week; the trade deficit printed at the widest level in a year. Stocks and commodities are higher, bonds are lower in early trading. The Treasury is scheduled to auction off $13B in 30yr bonds today.

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China Exports Higher Than Expected

06/09/2010

China's exports printed much better than expectations, sending stocks higher. Despite lower rates, mortgage applications were off 12.2% last week. The Treasury is scheduled to auction off $21B in 10yr notes today.

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Fed to Raise Interest Rates

06/08/2010

In an interview last night, Fed Chairman Bernanke said that the Fed will raise interest rates before there is "full employment", however, officials do not know when that will start. He did say that the unemployment rate will likely stay "high for a while". Bonds are weaker, stocks and commodities are up.

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German Exports Jump

06/07/2010

German exports unexpectedly jumped, partly due to the weakening euro, causing stock futures to recover some of Friday's losses. With the rally in mortgages on Friday, the Compass Conventional 30 Average Gross Profit Margin posted a 9bp increase.

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Unemployment Drops Slightly

06/04/2010

Nonfarm Payrolls printed at a worse-than-expected +431K; the unemployment rate dropped from 9.8% to 9.7%; U6, which includes workers who have left the work force and formerly full-time employees now working part-time jobs, fell from 17.1% to 16.6%. Overnight, it was reported that Hungary may default on its debt. Bonds are higher; stocks and commodities are lower.

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European Debt Crisis Fears Subsiding

06/03/2010

DP printed below expectations, +55K; consensus for Nonfarm Payrolls tomorrow is +515K. For the time being, fears over the European debt crisis have subsided and equities are continuing their strong rally from yesterday; bonds are down.

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Oil Stocks Drop

06/02/2010

Japanese Prime Minister Hatoyama said that he will step down 2 months before elections; the yen is down against the dollar and euro. Oil stocks are lower on concern that the BP oil spill will lead to stricter regulations on drilling in the Gulf of Mexico. ADP (consensus is +70K) is scheduled for release tomorrow; Nonfarm payrolls (projected at +515K) is set for release on Friday.

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BP Abandons Latest Attempt to Stop Oil Leak

06/01/2010

BP has abandoned its latest attempt to stop the Gulf of Mexico leak; the stock is down 17% in London trading and bonds are in line with those of companies rated as much as 5 levels below them; the spill has already cost around $1B. Commodities and stocks are lower; Treasuries and mortgages are up.

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Bonds Rebounding

05/28/2010

Bonds are rebounding slightly this morning following yesterday's sell off. Personal spending printed well below expectations.

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Jobless Claims Mixed

05/27/2010

Jobless claims were mixed, with initial printing slightly higher than expectations and continuing slightly lower. Both remain elevated. According to Citigroup, Greece's struggle to repair its budget crisis may signal to other countries that it is easier to default on bond obligations than to cut spending, creating "massive" risk to those bondholders.

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Durable Goods Orders Increase

05/26/2010

Durable goods orders increased more than expected due to rising exports and thin inventories; stocks and commodities are higher, bonds are down. Italy announced $30B in spending cuts, helping push European equities up.

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Stocks and Commodities Down

05/25/2010

Stocks and commodities are down after the IMF urged Spain to do more to overhaul its struggling banks; the euro is at a 9-year low against the yen and is down about 1.4% against the dollar; bonds are up. 3-month LIBOR is higher for the 11th day in a row.

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3-Month Libor Nearly Doubles

05/24/2010

There are more fears this morning surrounding the European debt crisis; the euro is off 1.5% against the dollar; stock futures and oil are down, bonds are up. 3-month LIBOR has almost doubled in the last 3 months.

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Senate Passes Regulation of Financial Industry

05/21/2010

The Senate passed the most sweeping, comprehensive regulation of the financial industry since the Great Depression; after reconciliation with the House bill, curbs will likely be put on proprietary trading and restraints will be imposed on derivative trading. The passage of this bill, coupled with more fears from the European debt crisis, has equities moving lower and bonds higher.

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European Debt Crisis Effects Stocks

05/20/2010

Initial and continuing claims printed higher than expectations. Stocks are pointing down for the sixth consecutive day as concerns still are centered around the European debt crisis; German parliament is scheduled to vote tomorrow on the country's share of the $1T bailout package.

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Today's Market Color

05/19/2010

To try and curb the downward pressure on stocks, Germany has banned naked short-selling in equities, government bonds and credit default swaps. Regardless, stock futures and commodities are down.

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Housing Starts Post Stronger Than Expected

05/18/2010

Headline PPI printed softer than expectations due to deflated food and energy prices; housing starts posted a better than consensus month-over-month increase. Stock futures and commodities are up.

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Today's Market Color

05/17/2010

Empire manufacturing grew much less than expectations. The debt crisis in Europe continues to weigh on the markets; the euro is lower, equities are down, bonds are up.

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Retail Sales - 7th Consecutive Increase

05/14/2010

Retail sales printed slightly stronger than expectations, posting the 7th consecutive increase. Speculation is growing that the European Union will ultimately have to split up; gold continues to set record highs, US debt is also up.

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Initial Jobless Claims - Forth Straight Drop

05/13/2010

Initial jobless claims posted a 4th straight drop; continuing claims remain elevated, printing higher than expectations. According to RealtyTrac, there were a record 92,432 bank repossessions in April, up 45% from a year ago; there were 333,837 foreclosure filings. The Treasury will auction $16B in 30yr bonds today.

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Trade Deficit Grows

05/12/2010

The trade deficit grew to the highest level in a year due to higher oil prices. GDP for the 16 euro nations grew at a rate of 0.2%, faster than expectations; equities are up. The Treasury will auction $24B in 10yr notes today and $16B in 30yr bonds tomorrow.

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China Inflation at 18 Month High

05/11/2010

The euro gave back all its gains from yesterday in early trading on concerns that the near $1T bailout package will hinder growth going forward. Inflation in China accelerated to an 18-month high, increasing chances that the government will have to raise interest rates. The Treasury will auction $38B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Thursday.

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16 Euro Nations Provide Help

05/10/2010

The 16 euro nations agreed to offer as much as 750B euros ($962B), including IMF backing, to countries facing instability; the ECB will buy government and private debt; debt from Greece, Spain, Italy, Ireland, Portugal, as well as others, has rallied. Stocks and commodities are sharply higher, bonds are lower. The Treasury will auction $38B in 3yr notes tomorrow, $24B in 10yr notes on Wednesday, and $16B in 30yr bonds on Thursday.

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Mis-entered Trade Causes DOW Sell-off

05/07/2010

Nonfarm payrolls printed much higher than expectations, +290K vs. +190K consensus; the unemployment rate jumped up .2% to 9.9%; U6 is up to 17.1%. The SEC will conduct an investigation as to what happened yesterday with a supposed mis-entered trade and the subsequent almost 1,000 point DOW sell-off and immediate 650 point rally from the low.

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Jobless Claims Fall 3rd Straight Week

05/06/2010

Initial jobless claims fell for the 3rd straight week, continuing claims also dropped; consensus for Nonfarm Payrolls tomorrow is +190K. The ECB left rates at 1%.

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ADP Prints Inline with Expectations

05/05/2010

ADP printed inline with expectations, +32K, with a sizable upward revision to the previous month; consensus for Nonfarm Payrolls on Friday is +189K. ECB council member Weber said the financial crisis in Greece is threatening "grave contagion effects" for the euro area; Germany's parliament still must approve their share, 22.4B euros, of the 110B aid package despite public opposition.

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Euro Grows Weaker

05/04/2010

The euro is weaker this morning on concern that the bailout of Greece won't stem Europe's debt crisis; debt from Spain, Ireland and Italy is wider and the Spanish stock market is off about 3%. US stocks are down due to a slowdown in Chinese manufacturing, bonds are up.

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Personal Income and Spending Up

05/03/2010

Personal Income and Spending were both up and in-line with expectations. Finance ministers approved a 110B euro bailout for Greece; they refused, however, to answer questions about how other struggling nations in the 16-nation bloc would be treated, calling Greece a "special case"; Portuguese debt gapped relative to German debt to the widest levels since 1997. China required banks to increase reserves for the 3rd time this year, pushing equities lower.

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First Quarter GDP Grows

04/30/2010

First quarter GDP grew at a rate of 3.2%, due to increased consumer spending. Greek bonds are up on speculation that an EU-led bailout amounting to 120B euros will be finalized soon.

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Better Than Expected Profits

04/29/2010

Both initial and continuing claims fell week-over-week. About 3/4 of the companies announcing earnings in Europe and the US posted better than expected profits, pushing stock indexes higher. The Compass Mandatory/Best Efforts Spread jumped 8bps to 47bps. The Treasury will auction $32B in 7yr notes today.

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Rally of Mortgages Raises Gross Profit Margin

04/28/2010

Yesterday, Greek debt was downgraded to junk by S&P; they project that investors would only recover 30-50% of their investment should the nation fail to make debt payments; yields on Greek 2yr notes are over 25% from 4.6% a month ago. With the rally in mortgages yesterday, the Compass 30-year Average Gross Profit Margin showed an 8bp jump. The Treasury will auction $42B in 5yr notes today and $32B in 7yr notes tomorrow.

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Ford Posts First Quarter Profit

04/27/2010

Ford posted a $2.1B 1Q profit; Deutsche reported first quarter earnings of 1.76B euros, up 48% from a year ago, due to investment banking revenue. Credit default swaps on European sovereign debt continued to hit new highs on concern that Greece's fiscal crisis is starting to hurt the borrowing ability of other indebted nations. The Treasury will auction $44B in 2yr notes today, $42B in 5yr notes on tomorrow, and $32B in 7yr notes on Thursday.

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Credit Default Swaps Pushed Higher

04/26/2010

More concerns about the debt situation in Greece have pushed credit default swaps higher, as well as CDS on Portugal, Spain and Ireland. The euro is weaker; US bonds and equities are up. The Treasury will auction $11B in 5yr TIPs today, $44B in 2yr notes tomorrow, $42B in 5yr notes on Wednesday, and $32B in 7yr notes on Thursday.

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Durable Goods - Biggest Jump Since 2007

04/23/2010

Durable goods excluding transportation printed much higher than expected, the biggest jump since 2007. With borrowing costs ballooning, Greece asked for the activation of its 45b euro lifeline from the EU and IMF.

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Greek Bond Yields Spike

04/22/2010

PPI printed slightly higher than expectations; continuing jobless claims remain elevated. Greek bond yields spiked to the highest level since 1998 (10yr at 8.56%) due to a worsening budget deficit outlook; voters feel that budget cuts have gone too far, investors want Greece to take further action.

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Mortgage Applications Jump

04/21/2010

Morgan Stanley's posted 1Q earnings of $1.78B, compared to a loss of $177M one year ago; fixed-income trading revenue doubled from a year ago. MBA mortgage applications jumped 13.6%.

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Today's Market Color

04/20/2010

Goldman's 1Q net income almost doubled to $3.46B, $5.59/share, due to record fixed income trading revenue. There are several other companies scheduled to release earnings today. Stock futures and commodities are up; bonds are slightly lower.

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Citigroup Posts Positive Earnings

04/19/2010

Citigroup announced 1Q earnings of $4.43B after posting a loss of $7.58B in the 4th quarter; the gain was mostly due to bad loan costs declining. After the SEC filed a lawsuit against Goldman on Friday, UK Prime Minister Gordon Brown asked the Financial Services Authority to start a probe, saying he was "shocked" at the "moral bankruptcy".

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Housing Permits Stronger Than Expected

04/16/2010

Housing starts and building permits both printed stronger than expectations, with upward revisions to the previous month. Bank of America announced their first profit in three quarters, $3.18B, or $0.28/share. Yesterday, San Francisco Fed President Yellen said inflation is "subdued", giving treasuries a boost.

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Jobless Claims Jump

04/15/2010

Initial and continuing claims both jumped week-over-week; Empire Manufacturing printed much stronger than expectations. China's GDP grew at 11.9% in the first quarter, which may lead to China un-pegging the yuan to the dollar.

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Retail Sales Print Stronger Than Expected

04/14/2010

Retail sales printed slightly stronger than expectations; CPI was in line with consensus. JP Morgan's 1Q earnings jumped 55% to $3.33B due to record fixed-income trading revenue and a reduction in provisions for credit losses.

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Domestic Demand Growing

04/13/2010

The trade deficit gapped by more than anticipated due to climbing imports, a sign that domestic demand is growing and the economy may be turning; import prices increased less than expected. There was strong demand for 26-week Greek Treasury bills after the EU and IMF promised up to 45B euros in loans.

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Euro Rallies with News of Greece Bailout

04/12/2010

Greece was promised as much as 45B euros in loans from the EU and the IMF yesterday; the euro rallied, credit default swaps on Greek bonds fell. According to CreditSights Inc., Bank of America, JP Morgan and Wells Fargo may have to set aside $30B to cover possible losses on home-equity loans.

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Treasuries Slightly Lower

04/09/2010

Treasuries are slightly lower this morning on speculation that Greece will get bailed out by the European Union; Greek 2yr spreads have tightened by 19bps against German 2yrs. With production up over the last few days, Compass's Gross Profit Margin showed a 17bp jump to 71bps.

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Jobless Claims Data Mixed

04/08/2010

Jobless claims data was mixed: initial claims printed 25K worse than expectations, continuing claims posted a sizable week-over-week drop. The speculation continues to grow that the Greece bailout will unravel; Greek's 10yr spread against German bunds widened to 436bps. Yesterday's 10yr note auction was strong; the Treasury will auction $13B in 30yr bonds today.

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Mortgage Applications Off 11%

04/07/2010

MBA Mortgage applications were off 11% in the holiday-shortened week. Seeking a lower yield, Greece is looking to offer dollar-denominated debt. Yesterday's 3yr note auction was strong; the Treasury will auction $21B in 10yr notes today.

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Greece - IMF Bailout

04/06/2010

In a change of events, Greece "isn't keen on the IMF being involved in any bailout". This news spooked investors and Greek bonds are down sharply; the euro is down against 14 other currencies. This news has also caused a flight to quality with US fixed income up. The Treasury will auction $40B in 3yr notes today.

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Oil Above $85 A Barrel

04/05/2010

With the equity market being closed on Friday, and the overall positive NFP print, stock futures are up this morning; oil is above $85/barrel. The Treasury will auction the following this week: $8B in 10yr TIPS, $40B in 3yr notes, $21B in 10yr notes, and $13B in 30yr bonds.

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Nonfarm Payrolls Increase Most In 3 Years

04/02/2010

Nonfarm payrolls increased by 162K in March, the most in 3 years. This number includes 48K census workers; the unemployment rate remained at 9.7%. Yesterday, the Treasury announced their auctions for next week: $8B in 10yr TIPS, $40B in 3yr notes, $21B in 10yr notes, and $13B in 30yr bonds.

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Mortgage Rates Rise

04/01/2010

Mortgage rates are higher this morning on the first day with no Fed purchasing. Stock futures are up on news that manufacturing increased in China, Japan and the UK. After yesterday's weak ADP print, tomorrow's consensus for Nonfarm Payrolls is +182K.

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Last Day of MBS Purchase Program

03/31/2010

ADP printed worse than expectations, -23K; consensus for Nonfarm Payrolls on Friday is +185K. Today is the last day of the Fed's $1.25T MBS purchase program. With the uptick in production the last few days, the Compass C30 Avg Gross Profit Margin increased by 6bps yesterday.

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Fed To End MBS Purchase Program Tomorrow

03/30/2010

The Fed is scheduled to end the $1.25T MBS purchase program tomorrow. Fannie and Freddie predict that the effect will not be major: a rise of about 25bps in mortgage rates over the next 3 months, or around $30/month more on a $250,000 mortgage. ADP is scheduled for tomorrow, projected at +40K; Nonfarm payrolls is set for release on Friday, consensus is +184K.

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Greece to Sell 7 Year Notes

03/29/2010

Personal income and spending printed close to expectations. Greece plans to sell 7yr notes, its first debt offering since the EU agreed to help the nation finance its debt. The Fed is scheduled to end the $1.25T MBS purchase program on Wednesday; Nonfarm payrolls is set for release on Friday (consensus is +190K).

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Market is Rallying

03/26/2010

Market is rallying following today's GDP release which showed that the economy expanded at an annual rate of 5.6%, less than the 5.9% expected by most analysts.

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Today's Market Color

03/25/2010

Market is quiet this morning following yesterday's sell off with Initial Claims printing slightly lower than anticipated.

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Durable Goods Orders Rise

03/24/2010

Durable Goods Orders rose again in February, marking 3 months of increases and assuring investors that the rebound in manufacturing will continue to drive the economic recovery.

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Today's Market Color

03/23/2010

There is a summit for European leaders this week to discuss what will be done in regards to the Greek bail-out. At this point, no decision has been made. The euro has declined 10% against the dollar in the last 4 months. 2yr Treasury yields are the highest since January before today's $44B auction.

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House Passes Health-care Legislation

03/22/2010

The House passed the health-care legislation yesterday by a vote of 219-212. 32 million uninsured will receive benefits once President Obama signs the bill into law. Nancy Pelosi expects the bill to save Americans $1.3T. According to the bond market, it is becoming increasingly more likely that the US will lose its AAA rating as there are several corporations who are able to borrow at sub-Treasury yields, indicating that Treasuries are considered more risky.

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Today's Market Color

03/19/2010

The EU still appears to be split on bailing out Greece. With 20B euros in debt maturing over the next 2 months, if Greece can't get assistance they will most likely have to turn to the IMF. There are several economists predicting that the Fed will raise the discount rate before the next meeting on April 28th.

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Today's Market Color

03/18/2010

CPI printed slightly softer than expectations; continuing jobless claims posted a week-over-week increase. A $17B job creation bill is expected to be signed by President Obama in the next few days. Greece gave the EU one week to finalize a bail-out or they will go to the IMF for help.

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MBS Purchase Program to Cease

03/17/2010

Core PPI printed in line with expectations; CPI is scheduled for release tomorrow. Yesterday, the Fed re-iterated that the $1.25T MBS purchase program will cease at the end of March.

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Today's Market Color

03/16/2010

Import Prices printed slightly lower than expectations; housing starts and building permits posted higher numbers than consensus. European finance ministers put together the structure for a lifeline for Greece. This line will be used if the planned tax increases and wage cuts do not work. The FOMC decision is scheduled for 2:15 this afternoon.

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Today's Market Color

03/15/2010

With inflation hitting 16-month highs in both China and India, both countries are taking steps to cool their respective economies. Stocks and commodities are off; bonds are close to unchanged.

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Last Months Drop in Sales and Increase in Listings is not the Real Story

03/15/2010

Pending sales increased 33% in the four-county area during the month of February, despite a 4% increase in over-all inventory, a 6% drop in total sales and a 1.5% drop in prices in the same month. This dramatic rise in Pended Sales is being driven by Short-Sales representing 45% of the market.

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Retail Sales Post Strong Gains

03/12/2010

Despite bad weather in February, Retail sales posted strong gains. Bonds are down; stocks and commodities are up. Yesterday, the Fed announced that they purchased another $10B in mortgage-backed securities in the last week, bringing the total to $1.225T. With the program scheduled to cease at the end of the month, that leaves the Fed with a little under 3 weeks to purchase an additional $25B.

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Today's Market Color

03/11/2010

Jobless claims data was mixed this morning, with continuing claims remaining elevated while initial claims were in line with expectations. Ahead of today's $13B 30yr Treasury auction, the 2-30 spread is at 378bps, close to the all-time high.

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Mortgage Applications Gain Slightly

03/10/2010

Market is quiet this morning with another light day on the data front. Mortgage applications gained slightly last week.

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Today's Market Color

03/09/2010

Bonds are rallying on a light day for economic data as stocks are setting up to trade lower following a slew of missed earnings. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates somewhere between 0% and .25% through June 23rd, 2010.

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Today's Market Color

03/08/2010

Both Greece and Dubai look to be closer to resolving, at least temporarily, their deficit issues. French president Sarkozy said that the euro region is ready to help out if Greece struggles in funding its deficit; Dubai World will present a plan to renegotiate $26B in debt this month. Stocks and commodities are up; bonds are off.

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Unemployment Rate Falls

03/05/2010

Nonfarm payrolls printed better than expectations, -36K vs. -68K consensus. The unemployment rate fell to 9.7%. The U6, which includes part-time workers who can't find full-time employment and people who have stopped looking for a job, climbed from 16.5% to 16.8%.

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Jobless Claims Drop

03/04/2010

Both initial and continuing jobless claims posted week-over-week drops; consensus for Nonfarm payrolls tomorrow is -65K. Greece began selling 5B euros of 10yr debt today after promising to reduce Europe's largest budget deficit, which included wage cuts that has prompted more protests.

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Mortgage Applications Jump

03/03/2010

ADP printed in-line with expectations with a sizable downward revision to January; MBA mortgage applications jumped by 14.6%. Greek bonds are rallying after Greece announced a 4.8B euro budget cut. Consensus for Nonfarm payrolls on Friday is -58K.

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Today's Market Color

03/02/2010

The market is sitting lower in very quiet trade while the 10-yr trips around the 3.625% area while the curve gets twisted steeper.

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Personal Income Growth

03/01/2010

Personal income grew at a slower pace in January; personal spending accelerated. HSBC missed full-year net income estimates due to the costs of bad loans on their balance sheet.

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Today's Market Color

02/26/2010

GDP for the 4th quarter was revised up from 5.7% to 5.9%. Treasuries are holding their elevated levels on the continued threat that Greece will default on its debt.

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Today's Market Color

02/25/2010

Initial and continuing jobless claims printed worse than expectations; durable goods orders printed better than consensus due to airplane purchases. Bonds are up; equity futures and commodities are down. There is a $32B 7yr note auction today.

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Mortgage Applications Drop

02/24/2010

Bonds are trading lower this morning ahead of today's Treasury Auction of $42B 5yr notes. The Mortgage Banker's Association reported that mortgage applications dropped 8.5% to the lowest level since 1997.

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Today's Market Color

02/23/2010

After Lowe's posted better-than-expected earnings yesterday, Home Depot beat 4Q expectations and raised the dividend for the first time since 2006. The Treasury is auctioning off $44B in 2yr notes today, $42B in 5yr notes tomorrow, and $32B in 7yr notes on Thursday.

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Today's Market Color

02/22/2010

Lowe's, the second largest home-improvement retailer, announced 4Q earnings that beat expectations. There is still no resolution on the Greece bailout. The Treasury has $126B to auction this week: $8B in 30yr TIPS today, $44B in 2yr notes tomorrow, $42B in 5yr notes on Wednesday, and $32B in 7yr notes on Thursday.

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Fed Raises Discount Rate

02/19/2010

The Fed unexpectedly raised the Discount Rate by 25bps yesterday afternoon to 0.75%. After PPI printed higher than expectations yesterday, CPI this morning showed less inflation than consensus estimates. The Treasury announced the auctions for next week: $8B in 30yr TIPS, $44B in 2yr notes, $42B in 5yr notes, and $32B in 7yr notes.

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30% Gain in REO Inventories Slows January Sales

02/19/2010

TRENDGRAPHIXs latest report shows that closed sales decreased 31 percent during the month of January for the Tri-County region of Sacramento, Placer and El Dorado Counties; while REO inventory increased by 30%.

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Producer Prices Print Higher

02/18/2010

Producer prices printed higher than expectations; initial and continuing claims were worse than consensus. The combination of the two numbers has pushed equity futures down and bonds slightly up. In yesterday's FOMC minutes, the Fed discussed starting sales of assets in the "near future", which sent treasuries sharply lower.

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Today's Market Color

02/17/2010

Mortgage applications were off 2.1% overall last week with rates little changed - purchases were off 4.0% while refinances fell 1.2%.

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US Retail Sales Jump

02/16/2010

US Retail Sales jumped more than expected, the third gain in four months. China increased reserve requirements for the second time in a month as loan growth continued to accelerate. After Fannie and Freddie announced that they will be buying delinquent loans, spreads between FN and FG MBS and the 10yr treasury bond are the tightest levels in 17 years.

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Today's Market Color

02/16/2010

According to Greece Finance Minister George Papaconstantinou, "there's no actual need" for a bailout and Greece is ahead of its own deficit-reducing targets. European finance ministers will review the progress on March 16th. Empire Manufacturing increased more than expected.

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Jobless Claims Drop Sharply

02/11/2010

Initial and continuing jobless claims dropped sharply week-over-week. Euro-region leaders demanded that Greece get the bloc's highest budget deficit under control and said they are prepared to take "determined" action to stem the currency's worst crisis in its 11 year history. There is a $16B 30yr bond auction today.

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Today's Marketing Color

02/10/2010

The Greece bailout has still not been resolved. Currently, Germany is the front-runner to help Greece roll their debt forward with some sort of debt guaranty. There is a $25B 10yr note auction today. Stock futures and commodities are down; bonds are up.

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Stocks Are Up

02/09/2010

UBS announced 4th quarter net income of 1.21B francs, the first profitable quarter since 3Q of 2008, even as wealthy clients continued to withdraw funds at an accelerated rate. There is a $40B 3yr note auction today. Stock futures and commodities are up; bonds are down.

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Today's Market Color

02/08/2010

Treasuries continue to catch a bid in a flight to quality on concern over the deficits in Greece, Portugal and Spain. The Treasury will auction $81B in notes and bonds this week.

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Unemployment Rate Drops

02/05/2010

Nonfarm payrolls printed worse than expectations at -20K; the unemployment rate dropped to 9.7%; U6 (includes people who are no longer looking for work and part-time workers who cannot find full-time employment) dropped from 17.3% to 16.5%. Stocks and bonds are mixed.

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Today's Market Color

02/04/2010

Bonds are trading higher this morning on concerns over budget deficits in Europe. Initial Jobless claims unexpectedly jumped to 480K, versus the 455K expected by most analysts, adding fuel to the rally.

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MBA Applications At Six Week High

02/03/2010

ADP printed at a less-than-expected -22K, the smallest drop in two years. With government hires in January, NFP is forecasted to show positive job growth of 13K. MBA mortgage applications came in at the highest level in six weeks due to refinancings with the lower rates.

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Today's Market Color

02/02/2010

The Australian central bank unexpectedly left rates unchanged at 3.75%, causing equities and commodities to rally. There is a good amount of labor data due out later this week: ADP is projected to print at -30K tomorrow; Initial and continuing claims on Thursday; and consensus for Nonfarm Payrolls is at a positive 5K on Friday.

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Consumer Spending Increases

02/01/2010

Consumer spending increased for the third straight month, although less than expected, in another sign that the economy may be turning; personal income jumped by 0.4%. President Obama announced his $3.8T budget for 2011, which would give an estimated $1.6T deficit; the budget includes $800B in higher taxes and fees on those earning more than $250,000, banks that benefited from the financial industry bailout and the oil, gas and coal industries. Treasuries are down on the announcement.

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Ben Bernanke Wins Second Term

01/29/2010

4th quarter GDP printed much higher than expectations, 5.7%-the fastest pace in six years, due largely to inventory build-ups. Bonds are down; stocks and commodities are rallying. Ben Bernanke officially won his Senate approval for a second term as Fed chairman yesterday.

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Today's Market Color

01/28/2010

Yesterday, the Fed expectedly left rates unchanged, but remained firm that they will end the $1.25T MBS purchase program at the end of March, which pushed yields higher. This morning, initial jobless claims posted a week-over-week drop; durable goods orders jumped more than forecast. There is a $32B 7yr note auction today.

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Today's Market Color

01/27/2010

Despite lower rates, MBA mortgage applications dropped 10.9% last week. The FOMC decision is due out at 2:15 this afternoon and there is speculation that the Fed may hold firm to the March ending of the $1.25T mortgage-backed securities purchase program. There is a $42B 5yr note auction today.

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Credit Tightens in China

01/26/2010

Credit continues to tighten in China as The Bank of China has stopped extending new corporate loans in the Shanghai area. They will also screen personal loans and mortgages more closely. Stocks and commodities are down; bonds are rallying slightly. There is a $44B 2yr note auction today.

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Bank-Owned Inventories on the Rise

01/26/2010

After a full year of numerous government moratoriums on foreclosures, we ended 2009 seeing a 22% increase in the number of foreclosed homes entering the market in December; and we expect at least a 15% increase in foreclosed homes on the market in 2010.

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Stock Futures Rise

01/25/2010

Bonds are trading lower this morning with Existing Home Sales data scheduled for release at 10:00 EST. Stock Futures are higher following last week's sell off, adding to pressure on Treasuries.

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Today's Market Color

01/22/2010

Bonds are trading slightly lower with no economic data scheduled for release today.

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Today's Market Color

01/21/2010

Bonds are trading lower despite this morning's report that showed initial jobless claims rose by 36,000 to 482,000, a larger increase than most analysts expected. Continuing claims came in right in line with analysts expectations at 4.6M.

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Wholesale Prices Unchanged

01/20/2010

Bonds are rallying following this morning's core PPI release that showed wholesale prices were unchanged in December, versus the 0.1% increase expected by most analysts.

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Kraft to Purchase Cadbury

01/19/2010

Bonds are trading lower this morning on a relatively light day for economic data. Citigroup posted a 4th quarter loss of $7.6B after booking an $8B pretax charge for repaying $20B in bailout funds, and after four months of negotiations, Kraft agreed to purchase English chocolate maker Cadbury for $19.7B.

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Today's Market Color

01/15/2010

Bonds are trading higher following this morning's CPI release which showed that consumer prices increased 0.1% in December, less than the consensus estimate of 0.2%.

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Today's Market Color

01/14/2010

Bonds are rallying this morning following weaker than expected retail sales data. Initial claims came in near expectations. Right now, the futures market is pricing in a

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Purchase Applications Jump

01/13/2010

Bonds are trading lower this morning on a relatively light day for economic data. MBA Purchase Applications jumped from 0.5% to 14.3% week over week and the Fed's Beige book is scheduled for release at 2:00 EST.

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Recoup Losses From Tarp Program

01/12/2010

China ordered banks to set aside more in reserves to curb any kind of asset bubble that may be forming; stocks are down, bonds are rallying. President Obama plans to raise as much as $120B by imposing a fee on financial institutions to help recoup the losses from the TARP program. Details of the fee are not known yet, but it may include one or a combination of an income surtax, an excise tax or a fee pegged to the value of assets.

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Stocks and Commodities Pushed Up

01/11/2010

China's imports rose to a record, pushing stocks and commodities up. China has surpassed the US as the world's largest automaker, with sales jumping 46% in 2009. There are no scheduled data releases today.

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Today's Market Color

01/08/2010

Nonfarm Payrolls printed at a worse than expected -85K; last month's number was revised up to a positive 4K; the unemployment rate remained constant at 10%. Stock futures are down; bonds are rallying.

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Retailer Earnings Strong

01/07/2010

Continuing claims dropped significantly week-over-week from 4.98MM to 4.8MM; consensus for tomorrow's Nonfarm Payrolls is no change. Earnings at Sears and a few other retailers were stronger than expectations. In yesterday's release of the Fed minutes, officials said that more stimulus "might become desirable at some point".

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Mortgage Applications Up

01/06/2010

ADP printed slightly worse than expectations, but was much stronger than last month's number; ADP has overshot the Labor Department's estimate for job losses by an average of 85K over the last 6 months. Consensus for Friday's Nonfarm Payrolls is no change. Mortgage applications were up slightly week over week, 0.5%.

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US Manufacturing Strong

01/05/2010

Yesterday, US manufacturing showed the strongest expansion in over three years; factory orders are due out later this morning. After selling off in December (10yr rate jumped 64bps), the 10yr note has caught a bid in the first few trading days of the month on speculation that the Fed will leave rates low for an extended period of time.

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Today's Market Color

01/04/2010

China's manufacturing grew at the fastest pace in more than five years; US manufacturing numbers are due out later this morning. Stock futures and commodities are up.

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Jobless Claims Strong

12/31/2009

Initial and continuing jobless claims printed much stronger than expectations, the lowest levels since July 2008. Stock futures and commodities are up; bonds are down.

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Today's Marketing Color

12/30/2009

Stocks, commodities and US equity futures are down in early trading; bonds are up. After the average 2yr and 5yr note auctions the last two days, the Treasury will auction $32B in 7yr notes today.

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Stocks Rallying

12/29/2009

Commodities and stocks are rallying on sentiment that the economic expansion will continue into 2010. After a mediocre 2yr note auction yesterday, the Treasury will auction $42B in 5yr notes today with yields at their highest point since August.

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US Stock Futures Are Up

12/28/2009

China's economy grew faster than previously announced, which has pushed global equities and US stock futures up; bonds are down. The Treasury will be auctioning $118B in debt this week, starting with $44B of 2yr notes today.

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Spending Increases Through 2010?

12/24/2009

Durable Goods Orders printed higher than expectations, showing that spending and production increases will likely sustain into 2010. The $871B Health Care Bill passed its last Senate Vote, 60-39. Now the Senate bill will have to be reconciled with the House version.

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Spending Increases Sixth Time

12/23/2009

Personal spending increased for the sixth time in seven months due to holiday discounts; personal income increased by the largest percentage since May. Stock futures and commodities are up off of this data; the Ten Year Yield is near a four-month high ahead of next week's auction supply announcement.

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Today's Market Color

12/22/2009

In the final reading for 3Q GDP, the US economy posted a 2.2% gain, less than previously reported. Greece's credit rating was downgraded only one level by Moody's, causing the debt to rally as a steeper dowgrade was expected; European equities and US stock futures are up.

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Health-Care Bill Passes Crucial Vote

12/21/2009

The US Senate passed a crucial test vote for the new Health-Care Bill, as all 60 Democrats voted to curtail debate from Republicans on the $871B measure, and aim to pass the legislation before Christmas. Stocks and commodities are up this morning as investors remain confident that the economic recovery will keep accelerating; bonds are down.

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Stocks Rally

12/18/2009

German business confidence printed at a 17-month high, causing European equities and US stock futures to rally; bonds are lower. PIMCO's Bill Gross has cut government debt holdings and increased cash his cash position to the most in a year, signaling that PIMCO may see rates on the long end of the curve starting to rise.

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Today's Marketing Color

12/17/2009

Initial and Continuing jobless claims printed slightly worse than expectations; teasuries are rallying and stock futures are pointing down. In order to pay back government funds, Citi raised $17B by selling 5.4B shares at $3.15/share, $0.10 below where the US government bought their stake.

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Building Permits Highest In Year

12/16/2009

CPI printed in line with expectations; ex-food and energy posted no change month-over-month, showing that inflation is still in check with the Fed scheduled to announce their rate decision at 2:15 this afternoon.

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Today's Marketing Color

12/15/2009

Bonds are trading lower this morning as PPI printed 1.8% vs. a concensus estimate of 0.8%. Core PPI also came in stronger than expected at 0.5% vs a concensus of 0.2%. Right now, the futures market is pricing in a 91.6% chance that the Fed keeps rates somewhere between

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Today's Marketing Color

12/14/2009

Bonds are relatively unchanged this morning with no economic data scheduled for release today. Over the weekend, Abu Dhabi announced that they would provide $10B to troubled neighbor Dubai, and this morning CitiGroup announced that they have struck a deal with regulators

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REO Market Steps Down as Sales Leader

12/12/2009

A shift in the market has occurred in the Sacramento region, putting traditional sales (non-distressed properties) in the lead for units sold over REO and short-sale properties. Out of the 1,995 total sales in the 4 county region in November

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Retail Sales Strong

12/11/2009

Bonds are trading lower this morning as Retail Sales came in stronger than expected at 1.3% vs a consensus estimate of 0.6%. Right now, the futures market is pricing in an 93.5% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.

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Jobless Claims Below 500K

12/10/2009

Initial Jobless Claims again printed below the 500K level. The less volatile 4-week rolling average is at a one-year low, 473,750. French President Nicolas Sarkozy is considering a one-time tax on banker bonuses over 27K euros for 2009; the rate has not yet been determined.

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Today's Marketing Color

12/09/2009

Bonds are down slightly this morning on a light day for economic data. Treasury Secretary Geithner is said to be seeking a $700 Billion TARP extension through October 2010. Right now, the futures market is pricing in an 92.7% chance that the Fed keeps rates somewhere

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Dollar Continues To Strengthen

12/08/2009

Treasuries and the dollar continued to show strength, while stocks, gold and oil fell on continued concern of government deficits. Right now, the futures market is pricing in a 93% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.

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Dollar On The Rise?

12/07/2009

The dollar rose to its highest level in a month against the euro as investors question whether central banks will increase rates in the near term. Right now, the futures market is pricing in an 80% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.

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Stock Futures Are Up

12/04/2009

Nonfarm payrolls printed much better than expectations, -11K vs. -125K concensus; the unemployment rate dropped to 10.0% from 10.2%. Bonds and commodities are down; stock futures and the dollar are up.

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Jobless Claims Drop

12/03/2009

Jobless claims dropped to a one-year low and nonfarm productivity remains elevated, both signs that the labor market may be improving. Bank of America will repay $45B in TARP by the end of the year, using $26.2B of "excess liquidity" and $18.8B from the sale of securities.

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Today's Market Color

12/02/2009

ADP printed slightly worse than expectations, -169K; consensus for Nonfarm Payrolls on Friday is -123K. Concern over Dubai has continued to diminish as emerging-market stocks are up for a third straight day; treasuries are hovering around unchanged.

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Global Equities Up

12/01/2009

Dubai World began talks to restructure $26B of debt and said that the rest of their liabilities are on "a stable financial footing". China's manufacturing expanded at the fastest pace in five years. Global equities are up; the dollar and bonds are down.

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Today's Market Color

11/30/2009

Dubai shares have dropped the most in eight years this morning on the first trading day since the government announced that the state-runDubai World, with $59B in liabilities, may have to delay debt payments. Traders are trying

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Consumers Spending More

11/25/2009

In the economic releases this morning, the data showed that the consumer is spending more, durable goods orders are down, and initial and continuing jobless claims dropped sharply. Bonds and equities are

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Today's Market Color

11/24/2009

The US government revised 3Q GDP down to 2.8% from the 3.5% reported last month; the decline was due to a growing trade deficit and a smaller gain in consumer spending. Equities have given

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Stocks Rallying

11/23/2009

On signs that the central banks will continue to keep rates low around the world, stocks and commodities are rallying this morning; the dollar is down. In a holiday-shortened week, the Treasury is

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Today's Market Color

11/20/2009

ECB president Jean-Claude Trichet said that policy makers will start to withdraw emergency cash gradually. Stock futures and commodities are down. The Fed reiterated that they will

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Jobless Claims Unchanged

11/19/2009

Initial jobless claims were unchanged week over week at -505K; continuing claims dropped 39K to 5611K. The Organization for Economic Development predicted that the economies for

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Today's Market Color

11/18/2009

Housing starts and building permits dropped sharply in October as builders showed less optimism with joblessness increasing and certain tax credits are scheduled to cease; MBA mortgage applications declined mildly last week.

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Today's Market Color

11/17/2009

Producer prices, both headline and ex-food and energy, printed tamer than expectations. Home Depot posted worse than expected 3rd quarter numbers.

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Treasuries Pushing Higher

11/16/2009

Treasuries have been pushing higher with the market having ridden over the data speed bumps, that were OK, while getting some aid as global bondsaim higher.

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US Trade Deficit Widens

11/13/2009

The US trade deficit widened in September by the most in a decade due to the demand for oil as the economy started to rebound. Congress will need

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Mortgage Applications Rise

11/12/2009

MBA mortgage applications jumped 3.2% last week; the refinance index was up 11%, the purchase index dropped 12%. Both initial and continuing claims printed better than expectations.

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SHORT-SALES FUEL DROP IN INVENTORY AND PRICES FOR UPPER-END

11/12/2009

Pended short-sales are up 94% for the last 12 months for homes priced above $400,000.00. We have already seen a 20% discount in pricing in the upper-end REO market,

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Today's Market Color

11/10/2009

HSBC's 3Q profit rose as bad loans decreased; Barclay's earnings dropped 54% from last year due to increasing impairment charges.

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Today's Market Color

11/09/2009

The dollar is under pressure again this morning after the Group of 20 nations agreed to continue with their economic growth measures; they did not address the weakness in the dollar, causing commodities to rally

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Today's Market Color

11/06/2009

Nonfarm payrolls printed at a worse than expected -190K for last month; the unemployment rate jumped to 10.2%, the highest level since 1983.

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Fed Announcement

11/05/2009

The Fed announced yesterday that they will be purchasing a total $175B of agency debt instead of the $200B originally alotted. This morning,Initial jobless claims

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No Rate Change?

11/04/2009

DP printed in-line with expectations, -203K, the best number since July 2008. No change in rate or language is expected in the FOMC announcement later today.

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Today's Market Color

11/03/2009

Despite news that Warren Buffett is buying the rest of Burlington Northern for $34B, stock futures are down. The UK bailed out RBS and Lloyds for the second time, injecting another $51B combined.

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Today's Market Color

11/02/2009

After months of speculation, CIT declared bankruptcy, but said that they will continue their commercial lending while reorganizing. Ford announced

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Economy Recovering?

10/30/2009

Consumer spending decreased in September due to the Cash-for-Clunkers program ending in early August. In another sign that the global economy may be recovering, the Bank of Japan will

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Stocks Rallying

10/29/2009

3rd quarter GDP printed much better than expectations, the first quarterly expansion in more than a year, due to household purchases increasing 3.4%. Stocks are

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Today's Market Color

10/28/2009

MBA Mortgage Applications were off 12.3% last week after dropping 13.7% the week before. GMAC may receive a third government bailout

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Home Price Forecasts

10/27/2009

There is still a fair amount of variance in projecting home prices over the next few years. Goldman stated that "the risk of renewed

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Commodities on the Rise

10/26/2009

The dollar continues to fall in early morning trading; commodities are rising.

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Existing Home Sales Increase?

10/23/2009

Existing home sales are scheduled to be released later this morning and are expected to show a month-over-month increase.

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Today's Market Color

10/22/2009

Initial jobless claims printed worse than expectations; there was a week-over-week drop in continuing claims.

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Today's Market Color

10/21/2009

Mortgage applications dropped by 13.7% last week. Morgan Stanley beat analyst estimates for the 3rd quarter ($0.38/share vs. $0.30/share) due to higher investment banking fees;

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Today's Market Color

10/20/2009

Despite a falling dollar and an economy that appears to be improving, PPI printed much worse than expectations.

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Stocks Continue To Rally

10/19/2009

Fed Chairman Bernanke is scheduled to speak later today on the economic outlook; no change in sentiment is expected.

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Today's Market Color

10/16/2009

After JP Morgan and Goldman reported strong quarterly earnings earlier this week, Bank of America announced that they lost $1B in the third quarter.

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Today's Market Color

10/15/2009

Initial and continuing claims printed better than expectations, with small downward revisions to the previous week.

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Stocks Rallying Aggressively

10/14/2009

Mortgage applications declined by 1.8% week-over-week; purchases were off 5%, refinances were down 0.1%.

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Gold at Record High

10/13/2009

With the bond market closed yesterday, equities continued to rally.

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Inventory and Sales are Down

10/12/2009

Declines in inventory and sales are normal for fall; what is not normal is the increase in pending sales in all price brackets.

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Trade Deficit Narrowed

10/10/2009

The trade deficit narrowed in August as exports climbed. In a sign that other economies are improving,

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Continuing Jobless Claims Improve

10/08/2009

Initial and continuing jobless claims printed much better than expectations; stock futures are rallying.

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Commodities Rally

10/07/2009

Mortgage applications jumped 16.4% last week due to lower rates.

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Today's Market Color

10/06/2009

It is another quiet day in terms of economic data. There is a $39B 3yr auction today; $20B of 10yrs tomorrow; $10B of 30yrs on Thursday.

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Global Equities

10/05/2009

Global equities were down after Nouriel Roubini predicted that the economic recovery would disappoint investors and that markets have gone up too much, too soon, too fast.

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Today's Market Color

10/02/2009

Nonfarm Payrolls printed worse than expectations, -263K, and the unemployment rate rose to 9.8%.

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Today's Market Color

10/01/2009

Initial jobless claims printed worse than expectations, coupled with a downward revision to last week; continuing claims data was mixed.

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Today's Market Color

09/30/2009

ADP printed worse than expectations, -254K vs. -200K consensus, showing more job losses than anticipated in the private sector.

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Equities at Highest Valuations in Five Years

09/29/2009

It is another light day on the economic calendar with home price and consumer confidence data due out later in the morning.

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Stock Futures Are Up

09/28/2009

It is a slow day on the economic calendar ahead of a busy week. ADP is scheduled to be released on Wednesday (consensus is -200K); Nonfarm Payrolls will be released on Friday (consensus is -180K).

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Today's Market Color

09/25/2009

August Durable Goods orders dropped, partly due to the pullback after the Cash for Clunkers program ended. The G-20 continues their meeting today;

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Fed Announces Extension

09/24/2009

Yesterday, the Fed announced that they would extend the MBS purchasing program for 3 months, but did not increase that amount that would be bought from the original $1.25T.

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FOMC Announces Decision Today

09/23/2009

The FOMC announces their decision this afternoon. Even though no rate move is expected, there is debate on whether or not any exit strategies/timelines from the various markets that the Fed is involved in will be discussed.

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Home Prices Stable to Increasing below $300,000

09/23/2009

REO listings under $300,000 have seen prices increase 6% since April 2009, while Short-Sales and Non-REO listing prices under $300,000 have been flat over the same time period.

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FOMC Two-day Meeting Starts Today

09/22/2009

The FOMC begins their two-day meeting today. With their announcement scheduled for tomorrow afternoon, market participants are curious whether the Fed will address exit strategies from the different markets that they are involved in.

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Today's Market Color

09/21/2009

It is a quiet day on the economic front ahead of Wednesdays FOMC decision and $112B of Treasury supply hitting the market Tuesday-Thursday.

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Today's Market Color

09/18/2009

There is no economic data scheduled for release today. Stocks and commodities are off due to rising copper inventories.

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Housing Starts Best in Nine Months

09/17/2009

Initial jobless claims printed at the lowest level in two months; continuing claims remain elevated. Housing starts posted the best number in nine months.

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Today's Market Color

09/16/2009

The year-over-year CPI print of -1.5% was less deflationary than expectations; the core month-over-month number was in line with consensus.

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Retail Sales Are Up

09/15/2009

Retail sales posted a 2.7% increase, the most in 3 years; bonds are off.

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Today's Market Color

09/14/2009

Global equities are off on fears that stock prices have outpaced the prospects for earnings growth; commodities are down.

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Import Prices Climb

09/11/2009

Import prices climbed more than expected due to a weaker dollar.

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Jobless Claims Better Than Expected

09/10/2009

Both Initial and Continuing Jobless Claims printed better than expectations, with mild upward revisions to the previous week; the trade deficit widened by 16%, the most since 1999, due to auto demand caused by the Cash for Clunkers program.

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Mortgage Applications Surge

09/09/2009

MBA mortgage applications jumped 17% last week; the refinancing index was up 22.5%, the purchase index increased 9.5%.

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Global Equities Rally

09/08/2009

Gold broke through the $1,000/ounce threshold, causing global equities to rally; the dollar is down.

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Nonfarm Payrolls Better Than Expected

09/04/2009

Nonfarm Payrolls printed slightly better than expectations, -216K vs. -230K consensus, with a downward revision to the previous month.

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Daily Market Color

09/03/2009

Initial and continuing jobless claims printed worse than expectations.

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Daily Market Color

09/02/2009

The ADP print was worse than expectations, -298K, which may cause some analysts to worsen their estimates for Nonfarm Payrolls on Friday, currently -225K.

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Daily Market Color

09/01/2009

Chinese manufacturing increased at the greatest pace in over a year due to a record amount of lending, spurring a rally in copper and other commodities.

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Bonds Up Slightly

08/31/2009

Due to fears that equity prices have outpaced actual economic fundamentals, global stocks and US futures are down; bonds are up slightly.

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Consumer Spending Increases in July

08/28/2009

Consumer spending increased in July mainly due to the Cash-for-Clunker program.

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Jobless Claims Improve

08/27/2009

Initial and Continuing jobless claims improved slightly week over week.

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Mortgage Applications Are Up!

08/26/2009

MBA Mortgage Applications rose by 7.5% last week; refinancing was up by 13%, purchases were 1% higher.

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Economy Pulling Out of Recession?

08/24/2009

Both Federal Reserve Chairman Ben Bernanke and ECB President Jean-Claude Trichet said that the world economy is showing signs of pulling out of the recession.

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US Stock Futures Are Up

08/21/2009

After a 60% rally in stock prices, China plans to tighten capital requirements for banks.

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Daily Market Color

08/20/2009

Initial Jobless Claims continue to be weak, rising 15k from last week; continuing claims remain elevated.

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Mortgage Applications Jump

08/19/2009

Mortgage applications jumped 5.6% last week: refinancing up 6.9%, purchases +3.9%.

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German Investor Confidence Rising

08/18/2009

PPI printed lower than expectations due to falling energy prices; housing starts and building permits fell slightly from last month.

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Daily Market Color

08/17/2009

Foreign stock and US stock futures are down on concerns that the global economy may worsen; bonds are up.

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Short-Sale Pending Accelerate

08/14/2009

Short-sale inventory is declining as quickly as REO inventory, and there are three times as many short-sale pended escrows as there are closed escrows.

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Bonds Are Up

08/14/2009

CPI was unchanged in July, showing that inflation is under control; bonds are up.

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Daily Market Color

08/13/2009

The economies in Germany and France unexpectedly grew in the second quarter, giving evidence that the recession in Europe may be coming to an end.

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Daily Market Color

08/12/2009

The trade deficit was narrower than economist estimates due to increased exports.

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Market Color

08/11/2009

Nonfarm productivity jumped from 0.3% to 6.4% in the second quarter, mainly due to job cuts.

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Low Inventory Pushes Prices Up

07/15/2009

For the third month in a row, price per sq/ft, median and average prices have risen for homes priced below $750,000.00. With fewer than expected bank-owned properties hitting the market together with low interest rates, buyers are finding slim-pickings.

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Transitional Market Creates Opportunities

06/18/2009

Even though sales have slowed going into June due to interest rate increases; the median price, average price and price per foot went up in May due to inventory levels below three months. If you are priced to sell, homes are selling in 60 days.

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Short Sales on the Increase

05/11/2009

In a reaction to REO inventories now below one months supply, more buyers are turning to short-sales in hopes of snagging the home of their dreams.

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$8000 Homebuyer Tax Credit!

05/08/2009

A tax credit of up to $8,000 is now available for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

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Bank Owned Inventory is running out!

04/10/2009

It may only be a product of the many moratoriums on REO sales, that has dropped inventory levels down to just one month and below a month for pending sales which have jumped 24%, said Michael Lyon, CEO of Lyon Real Estate. The average REO sold price is hovering at $180,000 for the last three months.

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Jobs Fall Short

12/31/1969

With the end of the government shutdown, investors turned their attention to the economic data. The September Employment report was weaker than expected, while the rest of the data released this week was mixed. As a result, mortgage rates ended the week a little lower.

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Prices Moved Lower Overnight

12/31/1969

Treasury prices moved lower overnight as yesterday's weakness carried into the overnight session with help from better than expected data from China.

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Manufacturing Activity Improves

12/31/1969

It was a relatively quiet week for mortgage rates. A slightly more bullish economic outlook from the Fed and stronger than expected manufacturing data were the main influences this week. Good news for the economy is negative for mortgage rates, however, and rates ended the week a little higher.

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Treasury Prices Move Higher

12/31/1969

Treasury prices moved higher over the weekend after disappointing economic data from Europe helped spark a bid.

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Fed May Lower Its Unemployment Threshold

12/31/1969

Treasury prices stabilized overnight and recovered a portion of yesterday's losses.

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Today's Market Color

12/31/1969

Treasury prices edged slightly higher overnight ahead of today's ECB rate announcement and US GDP data.

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Prices Moved Modestly Lower Overnight

12/31/1969

Treasury prices moved modestly lower overnight as investors awaited the results of today's Nonfarm Payroll report.

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Job Gains Surge

12/31/1969

Investors, highly focused on the economic data, had a lot to consider this week. The Economic Calendar was packed, and nearly all the major reports exceeded expectations. Stronger economic growth is negative for mortgage rates, and rates ended the week higher.

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Weakness In Equity Markets

12/31/1969

Treasury prices moved higher overnight as disappointing overseas data combined with weakness in equity markets to help prop up treasuries.

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Yellen Inspired Rally

12/31/1969

Treasury prices are up this morning as yesterday's late day Yellen inspired rally carried into the overnight session.

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Overseas Data Was Uninspiring

12/31/1969

Treasury prices drifted lower overnight after an uneventful session.

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Dovish Statements From Yellen

12/31/1969

During a light week for economic data, the biggest influence on mortgage rates was testimony from Janet Yellen. Yellen, the nominee to be the next Fed Chief, revealed strong support for the Fed's bond buying program. This news helped mortgage rates end the week lower.

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Prices Moved Sideways

12/31/1969

Treasury prices moved sideways over the weekend with no significant events to provide market direction.

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Today's Market Color

12/31/1969

Treasury prices retained most of yesterday's gains overnight as mixed but modestly better than expected data from overseas has applied some downward pressure.

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Prices Drifted Slightly Lower Overnight

12/31/1969

Treasury prices drifted slightly lower overnight in the wake of Fed Chairman Bernanke's appearance.

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Tapering May Be Happening Sooner Than Later

12/31/1969

Treasury prices were mostly unchanged last night as investors continued to digest yesterday's FOMC meeting notes and data.

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Today's Market Color

12/31/1969

Treasury prices were mostly unchanged overnight as limited overseas data provided little incentive in either direction.

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Fed Minutes Reveal Split

12/31/1969

Once again, the biggest influence on mortgage rates was shifting sentiment about future Fed policy. The Fed Minutes and statements from Fed officials caused investors to move forward their expected timing for scaling back the bond purchase program. As a result, mortgage rates ended the week a little higher.

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Shortened Trading Week

12/31/1969

Treasury prices are slightly lower this morning as we head into the Thanksgiving holiday shortened trading week.

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Prices Edged Higher Overnight

12/31/1969

Treasury prices edged higher overnight on little economic news. The US economic calendar is fairly active today with mostly housing-centric data but also a report on consumer confidence.

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Better Than Expected Data From Europe

12/31/1969

Treasury prices moved modestly lower overnight on better than expected data from Europe.

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Off To A Swift Start

12/31/1969

Treasury prices moved lower over the weekend as better than expected data from Europe has applied some early pressure.

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Prices Are Under Further Pressure

12/31/1969

Treasury prices moved modestly lower overnight as yesterday's late day slide carried into the overnight session.

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Today's Market Color

12/31/1969

Treasury prices were mostly unchanged overnight with the only significant news of the Bank of England keeping rates unchanged at 0.50%, as expected.

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Unemployment Rate Dropped

12/31/1969

Treasury prices edged higher overnight ahead of today's employment report.

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Labor Market Improving

12/31/1969

A wide range of major economic data released this week revealed an unexpectedly strong level of improvement in the labor market and other areas. This is good news for the economy, but it is negative for mortgage rates. As a result, mortgage rates ended the week higher.

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Today's Market Color

12/31/1969

Treasury prices moved modestly higher over the weekend after economic data from Asia and Europe was mostly disappointing.

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US Economic Calendar Remains Tranquil

12/31/1969

Treasury prices moved modestly higher overnight on mixed but mostly softer than expected data from overseas.

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Prices Edged Lower Overnight

12/31/1969

Treasury prices edged lower overnight after indications that a bipartisan US budget deal was on the table.

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US Economic Calendar Finally Wakes Up

12/31/1969

Treasury prices were mostly unchanged this morning despite disappointing data on EU industrial production.

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Today's Market Color

12/31/1969

Treasury prices drifted sideways overnight with little in the way of market moving news.

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Fed May Taper Soon

12/31/1969

Stronger than expected economic data and progress on a budget deal in Congress caused investors to move forward their expected timing for the Fed to begin to scale back its bond purchases. This hurt both stocks and bonds, and mortgage rates ended the week a little higher.

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Modest Boost To Fixed Income

12/31/1969

Treasury prices edged higher over the weekend as mixed data, including a softer than expected report on Chinese manufacturing, gave a modest boost to fixed income.

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Today's Market Color

12/31/1969

Treasury prices drifted slightly higher overnight on mixed economic news from Europe.

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Investors Wait To See If Tapering Is Imminent

12/31/1969

Treasury prices edged lower overnight on better than expected data from overseas.

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Additional Pressure Was Applied

12/31/1969

Treasury prices continued to move lower overnight in the wake of yesterday's tapering announcement by the Fed.

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Last Full Trading Week Of 2013

12/31/1969

Treasury prices continued to drift slightly lower overnight as we finish up the last full trading week of 2013.

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Today's Market Color

12/31/1969

Treasury prices edged lower after an uneventful weekend.

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Stronger Than Expected Durable Goods Report

12/31/1969

Treasury prices are off this morning with a much stronger than expected Durable Goods report.

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Prices Are Edging Lower

12/31/1969

Treasury prices are edging lower this morning after a quiet Christmas holiday.

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Today's Market Color

12/31/1969

Treasury prices drifted lower overnight with little in the way of market moving news.

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Prices Are Beginning To Edge Higher

12/31/1969

Treasury prices were mostly unchanged over the weekend but are beginning to edge higer as we head into the last full trading day of 2013.

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