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Posted To: MBS Commentary
Benchmark interest rates continued to move higher overnight in response to news that a compromise had been achieved on both the extension of Bush era tax cuts and unemployment benefits. Fundamentally this agreement is seen boosting GDP growth and potentially aiding job creation, which one would assume is a positive for stock markets but the major equity indexes were unable to maintain their rally yesterday. Our analysts point out that both the tax cut and unemployment benefits extensions were likely already baked into the stock valuations as the market has gained nearly 3% since Nov. 29. S&P 500 futures are however higher this morning, currently +2.50 at 1225.75. Dow Futures are 2 points lower at 11,353. The dollar index is +0.29% at 80.091. Light crude oil is trading flat at $88.70 per...(
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