| Last | Change | Percent | |
| S&P Futures | 1841.3 | -16.3 | -0.88% |
| Eurostoxx Index | 3069.1 | -80.1 | -2.54% |
| Oil (WTI) | 104.6 | 2.0 | 1.95% |
| LIBOR | 0.236 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 79.85 | 0.157 | 0.20% |
| 10 Year Govt Bond Yield | 2.61% | -0.04% | |
| Current Coupon Ginnie Mae TBA | 106.2 | 0.0 | |
| Current Coupon Fannie Mae TBA | 105 | 0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.31 |
Stocks are weaker and bonds are stronger on developments in Ukraine. While this situation should not have much of a direct impact on the US, it will push rates lower at the margin on the flight to safety trade. Equities will be vulnerable to the risk on trade.
Personal Income and Personal spending came in much better than expected in January. Incomes increased .3%, while spending increased .4%. December spending was revised downward from .4% to .1%. The PCE core index came in at .1%.
The Markit US PMI came in at 57.1, a little better than expected, while the ISM indices were stronger as well. Construction spending rose .1%, which again was better than expected.
We have a lot of data this week, culminating with the jobs report on Friday. The other big report will be the ISM surveys. That said, geopolitical concerns will probably drive the bond market more than the data will.
The Hardest Hit Fund money (that was intended to be used to modify mortgages and help homeowners in distress) is now being used to demolish homes. In Detroit alone, 70,000 homes (or 19% of the total inventory) may need to be torn down. It may turn out that much of the shadow inventory is stuff that really isn't going to affect supply because it is unsaleable.
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