The Day Ahead: Jobs Data

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Posted To: MBS Commentary

Interest rates are slightly higher and equity markets are edging out gains this morning ahead of January’s nonfarm employment report, which is anticipated to show the creation of 145k new jobs. Seventy minutes before the opening bell, S&P 500 futures are 2.25 points higher at 1,305.50 and Dow futures are 25 points higher at 12,034. The benchmark 10 year TSY note is -5/32 at 92-09 yielding 3.566%. The 2s/10s curve is 1bps steeper at 284bps wide. The FNCL 4.5 is -4/32 at 101-06. Both indexes spent Thursday morning in the red but recovered in the afternoon as Fed chairman Ben Bernanke predicted “stronger employment reports and lower unemployment rates pretty soon.” He also said to look for “a more rapid pace of economic recovery in 2011 than we saw last year.”...(read more)

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Source: www.mortgagenewsdaily.com

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