Mortgage bond prices remain sharply lower this morning putting upward pressure on mortgage interest rates. The data this morning was not rate friendly. Weekly jobless claims came in at 320k versus the expected 328k mark. This wasnt what we needed following the Fed debacle yesterday. Most of the losses are from yesterday afternoon in response to the Fed meeting. The Fed bumbled this one with a revision of their outlook which caused rate hike fears to spread. Yellens press conference after the Fed statement just added fuel to the fire. An interesting thing to note....The Bureau of Labor Statistics has many measures of employment. Many analysts argue the U-6 measurment is the real unemployment rate. It is composed of: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. This figure was around 13% in February. LEI rose 0.5%, expected up 0.3%. Philadelphia Fed came in at 9.0, expected at 2.0. Neither of the data releases were rate friendly.
Posted on: Thu, 20 Mar 2014 15:36:12 +0000
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