Mortgage bond prices opened slightly higher Monday morning erasing some of the losses seen Friday afternoon.
There
is no economic news set for release today. Traders are waiting for
stocks to begin trade at 9:30 am ET to help gauge interest rate
direction. Dow futures indicate a flat opening for equities.
In
overnight trade, Chinese industrial corporate profits saw their biggest
declines of 2012 and German Info Business Climate showed confidence
declined for a fourth month in a row. The weak data has market
participants hoping for more central bank easing.
This week has
three auctions and some important economic releases including GDP
second estimate, Fed Beige Book, weekly jobless claims, income and
outlays. This is the last week of summer vacation. We expect to see
trade slow to a crawl as the week progress
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