Mortgage bond prices opened higher Friday morning adding to the small
gains seen Thursday afternoon. Rates are finding support from weak
stocks in Europe and Asia.
There is no economic data set for
release today, therefore traders will watch stocks to help gauge
interest rate direction. The equity markets open at 9:30 am ET.
Trade
in Europe was quiet overnight. The region continues to slide toward a
financial abyss. Rising interest rates and unemployment continue to
pressure member states. Unless decisive policy action is taken soon the
damage will only get worse.
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