| Last | Change | Percent | |
| S&P Futures | 1818.5 | 4.9 | 0.27% |
| Eurostoxx Index | 3098.2 | 21.1 | 0.69% |
| Oil (WTI) | 101.1 | 1.2 | 1.19% |
| LIBOR | 0.236 | -0.001 | -0.21% |
| US Dollar Index (DXY) | 80.8 | 0.166 | 0.21% |
| 10 Year Govt Bond Yield | 2.75% | 0.03% | |
| Current Coupon Ginnie Mae TBA | 105.9 | 0.0 | |
| Current Coupon Fannie Mae TBA | 104.3 | -0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.25 |
Markets are stronger this morning on no real news. Bonds and MBS are down. Stocks loved the Yellen testimony yesterday, bonds not so much..
Janet Yellen's testimony was pretty much as expected. She is a primary architect of the Fed's current course of action, so it makes sense she will pretty much continue with doing what they have been doing. Her Congressional testimony had few interesting tidbits, although she is pretty unconcerned about the debt. According to her, it should become an issue in about 30 years. She also sees no bubbles right now (of course when has the Fed ever seen bubbles until after it is too late?). She also made a comment regarding the decline in the labor force participation rate - saying that some of it is structural. So, once unemployment hits their target, the Fed may not wait for the labor force participation rate to return to pre-recession levels because in their minds, it won't.
Maxine Waters praised Janet for her "viligance."
Mortgage applications fell 2% last week, which is disappointing given that rates fell a couple basis points. Both purchases and refis fell, but purchases fell the most.
The House passed a clean debt limit bill, so that takes the risk of another debt ceiling hike off the table. Separately, the House is working on a bill to clip CFPB's wings a little, and subject it to some sort of Congressional oversight.
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