| Last | Change | Percent | |
| S&P Futures | 1876.6 | 4.2 | 0.22% |
| Eurostoxx Index | 3140.8 | 4.9 | 0.15% |
| Oil (WTI) | 101 | -0.5 | -0.45% |
| LIBOR | 0.235 | 0.001 | 0.30% |
| US Dollar Index (DXY) | 79.87 | -0.244 | -0.30% |
| 10 Year Govt Bond Yield | 2.73% | 0.03% | |
| Current Coupon Ginnie Mae TBA | 105.7 | -0.1 | |
| Current Coupon Fannie Mae TBA | 104.4 | -0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.33 |
Slow news day. Markets are higher this morning on a mixed bag of economic data. Bonds and MBS are down.
A few economic data points this morning: Challenger and Gray announced job cuts fell 24%, productivity was revised downward from 2.2% to 1.8% and initial jobless claims fell to 323k. Unit Labor costs were revised to -.1% from -.5%. Given what we saw in the personal income numbers - that pretty much all of the increases in income were due to increased transfer payments - it looks like costs are increasing without any corresponding increase in output - a recipe for stagnant wages.
Junk Bond King Michael Milken has a good editorial about the unintended consequences of government meddling in the housing market, the biggest one was the housing bubble.
Speaking of unintended consequences, the unpopularity of obamacare is proving to be a big one for Democrats. The Administration has decided to delay rules prohibiting high deductible insurance plans until after the midterm elections and through 2015. Of course this will ensure that obamacare will remain a battleground issue for 2016.
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