Good Morning,
I hope your Monday is going great and that your week is off to a fabulous start!
In the Markets this morning, Mortgage Bonds are starting the week to the upside, as Stocks slide lower due to fears of a slower than anticipated world economic recovery.
Amidst all the global negativity was some better than expected news this morning on US manufacturing, as the Empire State Index came in far better than expectations. There are no Treasury auctions this week, but this Thursday will bring the announcement for the upcoming round of Bond supply that will hit the market next week. Bonds have not reacted well to previous announcements of additional supply, so this will be something to watch for later this week.
I recommend floating for now as Stocks continue to struggle, but I will be watching closely in case the market changes direction. You can certainly follow me on Twitter @MortgageMinute for real time updates, if you wish. In the meantime, if there is ever anything that I can do for you, please let me know.
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