Current Pricing of FNMA 30 Year 4.5% Bond: $101.03
+38 bps (Prior Close – $100.66)
Market Update: The Mortgage Backed Security (MBS) pricing is higher this morning from yesterday, thanks in part to the recent pullback in Stocks.
Economic News: The ADP Employment report came in worse than expected showing 298K job losses in the private sector, worse than the 200K expected. Also this morning, Revised Productivity for the 2nd quarter beat expectations and showed the largest gain in nearly six years. This emphasizes that businesses are maximizing output from their current staff. These better efficiency gains help to keep inflation low, which is good for Bonds.
Recommendation: FLOAT
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