Industry News
Mortgage Industry News
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. The unemployment rate jumped to 9.7%, the highest level since 1983. Right now, the futures market is pricing in a 95% chance that the Fed keeps rates somewhere between 0% and .25% through December 16th, 2009. Currently, the Ten Year yield is at 3.39% (3.33% yesterday) and the 2-10 yield spread is at 245bps, steepening 4bps since yesterday morning.
