After touching the highest prices of the year on Monday, Mortgage Bonds are trading lower today. Stocks have reversed course and are mow in positive territory day, even despite some weak economic data released this morning.
The Job market continues to look bad, as the ADP Employment Report showed a loss of 250,000 private sector jobs; the worst reading in six years. In addition, the ISM Services Index was reported at the lowest level since data has been compiled.
Later today, Fed members Randall Kroszner and Richmond President Jeffrey Lacker will be speaking and could cause a ripple in this jittery market.
For now, I recommend locking. The market remains volatile so I will alert you if there are any sudden changes.
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