Mortgage bond prices opened positive helping reverse the recent negative trend and helping rates improve a little.
Preliminary
Q2 productivity up 1.6%, expected up 1.3%. The initial reaction was
muted as U.S. debts looked to open positive even before the release.
News
out of the euro zone continue to show trouble. The S&P downgraded
the Greek credit rating, cutting the outlook from stable to negative.
Not a huge shocker but counters other news articles claiming things are
stabilizing for the euro zone. Spain continues to show weakness with
industrial output continuing to fall. The only bright spot remains
Germany which saw solid demand for their 10 year debt.
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