| Last | Change | Percent | |
| S&P Futures | 1861.1 | 10.7 | 0.58% |
| Eurostoxx Index | 3178.3 | 5.9 | 0.18% |
| Oil (WTI) | 101.6 | -0.1 | -0.06% |
| LIBOR | 0.231 | -0.003 | -1.18% |
| US Dollar Index (DXY) | 80.05 | -0.124 | -0.15% |
| 10 Year Govt Bond Yield | 2.76% | 0.03% | |
| Current Coupon Ginnie Mae TBA | 105.1 | -0.2 | |
| Current Coupon Fannie Mae TBA | 103.8 | -0.2 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.34 |
Feels like a little end-of-quarter window dressing as the SPUs are up 11 points on no real news. (No, a strong ISM Milwaukee report doesn't count). Bonds are getting hit as well.
The ISM Milwaukee report jumped from 48.6 in February to 56 in March. New Orders and production rose 19 points. Could this be a weather-related rebound? Perhaps. However, note that we are starting to see other data points (Kansas City Fed) showing that the Midwest may be waking up.
Lots of important data this week, starting with the ISM and construction spending tomorrow. Then on Friday we get the jobs report. The Street is at 200k nonfarm payrolls, and an unemployment rate of 6.6%. Given the "six months" number thrown out by Janet Yellen, we could start to see the jobs reports begin to matter again for bonds, where a strong reports will be very bearish.
Following on that theme, investors pulled $10.3 billion out of bond ETFs in March, the biggest liquidation since December 2010. If the economy is in fact picking up some steam, then the bond market is about to become a very treacherous place.
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