Non-Farm Payrolls were released last Friday while I was golfing with my brother, but there aren’t any economic reports being released today, and really nothing scheduled at all this week save for the Fed Minutes being released on Wednesday. The BLS reports that almost a quarter million new jobs were created last month, sending the Unemployment Rate down to 5.9%.
Stocks and Bonds are both flat today, and you can see from the chart here below that mortgage backed securities (MBS) have had a nice climb in price the last two weeks to summer ’14 levels (leading to the lower interest rates we are now again enjoying). I of course hope that we can finally break out through the ceiling of resistance (the red lines) that’s suppressed bond pricing since June 18, 2013. This would send Fannie/Freddie rates back down into the 3’s, but I feel sick to my stomach thinking of the implications of the economic data/political unrest necessary to get us there.
