Industry News
Mortgage Industry News
Jobless Claims Mixed
07/15/2010
Lower-than-expected food and energy costs led to a PPI print below consensus; jobless data was mixed with initial claims stronger than expected while continuing claims remain elevated. JP Morgan announced stronger earnings than expectations; net income was $4.8B in the second quarter versus $2.72B one year ago. Right now, the futures market is pricing in a 78% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 3.06% (3.10% yesterday) and the 2-10 yield spread is at 244bps, steepening 8bps since yesterday morning.
