Good Morning rate watchers.

After a pessimistic trading session yesterday, stock futures indicate that equity traders are poised to push prices higher at the open. MBS will be under selling pressure early in the session as TSY yields traded higher overnight after European markets found optimism that the economic crisis just might been near bottom. MBS spreads are tighter at the open....

Change Since 3pm Closing Marks...

FN30_______________________________

FN 4.0 -------->>>> -0-03 to 100-14 from 100-17

FN 4.5 -------->>>> -0-02 to 102-01  from 102-03

FN 5.0 -------->>>> -0-03 to 103-00 from 103-03

FN 5.5 -------->>>> -0-01 to 103-21 from 103-22

FN 6.0 -------->>>> -0-02 to 104-11 from 104-13

GN30______________________________

GN 4.0 -------->>>> +0-01 to 100-18  from 100-17

GN 4.5 -------->>>> +0-00 to 102-05 from 102-05

GN 5.0 -------->>>> -0-01 to 103-15 from 103-19

GN 5.5 -------->>>> -0-01 to 103-30 from 103-31

GN 6.0 -------->>>> -0-01 to 104-12 from 104-13

EFFECTIVE FED FUNDS: +0.01 to 0.16 from 0.15

LIBOR FIXINGS

1 MONTH: -.0082 to 0.5006 from 0.5088

3 MONTH:  -0.0156 to 1.1919 from 1.2075

6 MONTH:   -0.0094 to 1.7356 from 1.7450

1 YEAR:   -0.0118 to 1.9719 from 1.9837

We get our first test of the day at 9am with the release of the January S&P/Case Shiller Home Price Index. Economist forecast a decline of 18.6%  vs. the December reading of -18.6%.  March Chicago PMI data is announced at 945am. Economist estimate a reading of 34.5 vs. last month's reading of  34.2. March Consumer Confidence is posted at 10am. Economists are expecting 32.0 vs. February's dismal reading of 25.0.