FNMA 4.5% is DOWN 12 BPS...but rates holding in the 5% range on 30 year fixed mortgages.
Tomorrow we will see Personal Spending and Income reports along with initial jobless claims, pending home sales and the ISM index coming out. BIG news day.
Almost more important to the markets lately: the announcement of how many billions in bonds the feds intend to auction off next week is expected tomorrow at 11am EST. Watch for market volatility if another record breaking amount of T-notes are to be peddled next week.
GDP reported for the 2nd quarter was actually revised HIGHER with a negative 0.7% growth vs the negative 1.0% that was reported before.
TALK of extending the $8000 tax credit continues. Todays tidbit: they are still considering it. HOWEVER: if it is continued the general consensus is that it will be modified.
Chicago PMI was reported today showing that manufacturing in that region is contracting. The PMI is put together off a survey done with 500 purchasing execs to get a feel for the market.
ADP payroll report shows a loss of 254,000 jobs which was worse than expected today.
The weekly "crude" inventories report showed that our supply of distillates is down...so the price of oil came up to just over $70/barrel again today.
DOW lost just 29 points today...after being down 100 points earlier in the session.
Have a great eve!
Chad.
