Yesterday's Recap
- Way down, then way up, then way down again ("way" as in just over 10 ticks, not as in a major sell-off)
- Stocks lost as well
- Investor confidence higher, consumer confidence lower
- Case Shiller out with "least bad" readings in recent memory, prompts first wave of selling
- last day of Q2
The AM So Far...
- Tsys and MBS opened a bit lower
- whipping around in early trade following ADP
- ADP showing 473k loss in private payrolls (keep in mind that value of ADP as a correlative indicator of Jobless Claims is always suspect, but markets react regardless)
- stock futures paring gains
- bottom in for MBS just below yesterday's lows? Top in for 10yr Just below 3.6?
- Bloomberg points out bank stocks' fall of 23% Since May suggest selling on horizon in S & P full article...
- Fed's Yellen says rates could be near zero for years. Bets in futures markets on a rate increase as soon as late 2009 are "jumping the gun." In a statement responding to the news, an anonymous source was quoted as saying: "Duh!"
- for MBS quotes updated every 30 min or less, don't forget:
- Can we get some Q309 tightening please?
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