Mortgage bond prices opened higher Wednesday morning erasing the small losses seen Tuesday afternoon.
In
news released at the open, housing starts printed at 760K.
Expectations were for starts to increase 35K to 743K. That data was
stronger than expected.
Traders are waiting for stocks to begin
trade at 9:30 am ET. Federal Reserve Chairman Ben Bernanke will be in
front of the House today delivering a carbon copy of the talk he gave
the Senate yesterday.
This afternoon the Fed Beige book data
will be released. The report details economic activity in the US.
Traders will scour the report hoping to find the silver bullet that is
QE3. That data will be released at 2:00 pm ET.
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