Industry News
Mortgage Industry News
Personal Income and Spending Up
05/03/2010
Personal Income and Spending were both up and in-line with expectations. Finance ministers approved a 110B euro bailout for Greece; they refused, however, to answer questions about how other struggling nations in the 16-nation bloc would be treated, calling Greece a "special case"; Portuguese debt gapped relative to German debt to the widest levels since 1997. China required banks to increase reserves for the 3rd time this year, pushing equities lower. Right now, the futures market is pricing in a 74% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.71% (3.74% on Friday) and the 2-10 yield spread is at 272bps, flattening 2bps since Friday morning.
