January 31, 2019

Market News

Treasury prices were modestly higher overnight as momentum from yesterday’s dovish interpretation of the FOMC carried into the overnight session.  Overseas data was heavy but contained few surprises and the US economic calendar includes a handful of data points on employment and housing.  The Weekly Jobless Claims Report was worse than expected as New Claims of 253k was above forecasts of 220k and the highest level since 2017.   A report on Personal Income and Outlays was delayed as the stats are still being gathered after the shutdown leaving the Chicago PMI and New Home Sales reports up next at 9:45AM and 10AM ET.  Currently, the 10yr yield is at 2.663% (2.724% Wednesday) and the 2-10 spread is 17 bps, 2 bps steeper since yesterday morning.

 

Josh Pappert – VP, Capital Markets
Nations Direct Mortgage