Vital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1547.8 | 3.4 | 0.18% |
| Eurostoxx Index | 2744.5 | 42.6 | 1.40% |
| Oil (WTI) | 91.3 | -0.2 | -0.27% |
| LIBOR | 0.281 | 0.001 | 0.36% |
| US Dollar Index (DXY) | 82.41 | -0.045 | -0.05% |
| 10 Year Govt Bond Yield | 2.06% | 0.05% | |
| RPX Composite Real Estate Index | 194.9 | -0.3 |
Markets are higher this morning after a positive jobs report. Payrolls increased by 236k in Feb, higher than the 165k forecast. January was revised down. The unemployment rate fell to 7.7% from 7.9%, however the labor force participation rate fell as well, which means that number isn't as great as it initially appears. Bonds are getting clocked, with the 10-year solidly above 2% again. MBS are down as well.
The rally in the stock market and rebounding house prices has returned US wealth to its pre-crash levels. Of course the main driver has been the stock market, not real estate, so don't expect this to get us back to pre-crisis levels of consumer spending. Still, its a start.
The Fed has released the results of its stress tests for the banks. The stress test is a scenario of 12.1% unemployment, a 50% drop in the stock market, and a 20% drop in real estate. They predict that Tier I capital would fall from 11.1% to 7.7%, which is still above minimum standards.
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