Due to the inclement weather, our offices in the New River Valley will be closed today. I am working from home so feel free to reach me via my mobile at 540-250-6002.
Mortgage bond prices remain higher mid-morning Monday erasing the losses seen Friday and more. Rates are finding support from weak stocks where the DOW Jones index opened in the 6,000 handle.
In news released this morning, personal income rose 0.4% and outlays rose 0.6%. Traders were expecting income to fall 0.3% and outlays to rise 0.3%. Also, the Institute for Supply Management (ISM), an indication of manufacturing strength stood at 35.8, near estimates.
With no more data set for release, traders will watch stocks and headline news to help gauge interest rate direction.
Below is the weeks trading event calendar from March 2nd to March 6th.
Event Calendar:
Monday, Mar 2, 2009
Personal Income and Outlays
Monday, Mar 2, 2009
Construction Spending
Monday, Mar 2, 2009
ISM Index
Wednesday, Mar 4, 2009
ADP Employment
Wednesday, Mar 4, 2009
Fed Beige Book
Thursday, Mar 5, 2009
Revised 4Q Productivity
Thursday, Mar 5, 2009
Factory Orders
Friday, Mar 6, 2009
Employment
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Thank you for your remarks. I will review your submission and post it accordingly. Dave.