Industry News
Mortgage Industry News
Ford Posts First Quarter Profit
04/27/2010
Ford posted a $2.1B 1Q profit; Deutsche reported first quarter earnings of 1.76B euros, up 48% from a year ago, due to investment banking revenue. Credit default swaps on European sovereign debt continued to hit new highs on concern that Greece's fiscal crisis is starting to hurt the borrowing ability of other indebted nations. The Treasury will auction $44B in 2yr notes today, $42B in 5yr notes on tomorrow, and $32B in 7yr notes on Thursday. Right now, the futures market is pricing in an 86% chance that the Fed keeps rates at .25% through August 10th, 2010. Currently, the Ten Year yield is at 3.695% (3.79% yesterday) and the 2-10 yield spread is at 274bps, flattening 1bp since yesterday morning.
