Industry News
Mortgage Industry News
Payrolls Increase More Than Expected
01/05/2011
Bonds are trading lower following this morning’s ADP release. The report showed that payrolls increased by 297K, much higher than the 100K expected by most analysts. The results from the release will more than likely spark upward revisions to the consensus estimates for Friday’s NFP release (Currently the estimate is +135K). Right now, the futures market is pricing in an 86% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.4499% (3.33% yesterday).
