Industry News
Mortgage Industry News
Oil Stocks Drop
06/02/2010
Japanese Prime Minister Hatoyama said that he will step down 2 months before elections; the yen is down against the dollar and euro. Oil stocks are lower on concern that the BP oil spill will lead to stricter regulations on drilling in the Gulf of Mexico. ADP (consensus is +70K) is scheduled for release tomorrow; Nonfarm payrolls (projected at +515K) is set for release on Friday. Right now, the futures market is pricing in a 75% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.307% (3.24% yesterday) and the 2-10 yield spread is at 250bps, steepening 1bp since yesterday morning.
