Mortgage bond prices opened higher Friday morning adding to the gains seen Thursday afternoon.
In
news released this morning, non-farm payrolls rose 80K and the
unemployment rate stood at 8.2%. Analysts’ expectations were for the US
economy to add 100K new jobs and the unemployment rate to stand at
8.2%. That data was weaker than expected and bond friendly.
Traders are now waiting for stocks to begin trade at 9:30 am ET.
Things
were quiet in Europe overnight. Governments in the region continue to
move forward with a more pro-growth stance than in the past. The strict
austerity demanded of the PIGS has only caused their respective
economies to spiral downward. Unemployment in Greece and Spain is north
of 20%, near 50% for the younger workers. High unemployment can be
devastating from a fiscal and social perspective. Everyone loses when
an unemployed person has his or her house taken by a bank.
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