Money Market Recap & Forecast from the Daily Communicator
April 5th, 2010
Written by Frost Mortgage
Categories: Economy, Monday Money Market Recap & Forecast, Mortgage Banker News
Friday’s March employment report made a bad week worse for Treasuries, with 162,000 jobs added to nonfarm payrolls. Although fewer than predicted, they were high enough to worry traders about a Fed rate hike coming sooner than expected.
Steady selling sent the benchmark 10-year note yield, which moves in the opposite direction of price, soaring to 3.94%, its highest level since June 2009. The numbers were artificially high due to the inclusion of the hiring of 48,000 census takers that will be off the payrolls in the next several months. The unemployment rate, determined by a different survey, remained at 9.7%
Monday was tough for Treasuries. Moderate-to-aggressive selling on the 0.3% rise in consumer spending in February fed into the hands of investors that want high yields on Treasuries due to the excess of bonds on the market.
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