Mortgage bond prices opened slightly weaker as we see things back up from the recent runup in prices.
There was no data this morning. We have a 2Y note auction this afternoon.
News
out of the euro zone was mixed this morning. Moody's downgraded
Germany's credit rating outlook and Chancellor Merkel was quick to
counter those reports with her own statements which indicated, “Germany
will, through solid economic and financial policy, defend its ‘safe
haven’ status and continue to responsibly maintain its anchor role in
the euro zone." The trouble isn't that Germany's economy is solid
compared to the rest of the euro zone, rather, Germany is being slowly
but surely bound to the risk from all the other insolvent
countries(Spain, Italy, Greece, etc....)
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