February 23rd, 2017
DEFINITION of 'Jobless Claims' The number of people who are filing or have filed to receive unemployment insurance benefits, as reported weekly by the U.S. Department of Labor.
US weekly jobless claims total 244,000 vs 241,000 estimate. The Four week moving average fell 241,000 the lowest reading since July 1973
For more info click: http://www.cnbc.com/2017/02/23/us-weekly-jobless-claims-feb-18-2017.html
What Is Going On With Interest Rates? #wigowir
Below is the news when it happened and the market’s reaction. For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time. When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.
8:35 AM Elections in Europe are supporting the safe haven play in Bonds, while yesterday's Fed minutes had little impact on March Fed Fund Futures.
8:33 AM The New York Fed will be supportive later this morning as it will purchase up to $1.475B in Fannie/Freddie 3.0% and 3.5% coupons.
8:31 AM Weekly Initial Jobless Claims come and go with little fanfare rising by 6K to 244K, above the 242K expected, and continue to hover near lows not seen since the early 1970's.
8:18 AM WTI oil at $54.51/barrel, +$0.92.
8:15 AM Fed Fund Futures show just about a 20% chance of a hike to the Fed Funds Rate in March, little changed from before the minutes were released, 51% in May and a 72% chance in June.
8:13 AM Fed Governor Jerome Powell said yesterday that the March 14-15 FOMC meeting is live for a rate hike and that he believes a hike in the short term Fed Funds Rate will come very soon if the economy stays on track.
8:11 AM Economic data this morning is limited to Weekly Initial Jobless Claims.
8:11 AM The Treasury will sell $28B 7-yr Notes, results at 1:00 p.m. ET and comes after yesterday's tepid demand for the 5-yr offering.
8:08 AM U.S. dollar index 101.13, -0.06.
8:05 AM 10-yr T Note yield edges lower to 2.39% after yesterday's high of 2.45%.
8:03 AM Stock futures grind higher with the Dow beginning the day with 9 straight record high closes at 20,775.60.
8:02 AM MBS look to open modestly higher after yesterday's rebound after somewhat dovish Fed minutes were released
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