| Last | Change | Percent | |
| S&P Futures | 2077.7 | 12.0 | 0.58% |
| Eurostoxx Index | 3420.1 | 46.0 | 1.36% |
| Oil (WTI) | 50.99 | 2.2 | 4.40% |
| LIBOR | 0.258 | 0.000 | -0.10% |
| US Dollar Index (DXY) | 94.25 | -0.737 | -0.78% |
| 10 Year Govt Bond Yield | 1.97% | -0.05% | |
| Current Coupon Ginnie Mae TBA | 102.7 | 0.0 | |
| Current Coupon Fannie Mae TBA | 101.8 | 0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.87 |
Markets are higher this morning on news of a cease-fire in Ukraine. Bonds and MBS are up.
Greek bonds are rallying with bonds globally. Unusual, as a rally in Greek debt has been triggering the risk-on trade lately.
Retail Sales disappointed in January. The headline number fell .8%, however falling gas prices were a big contributor (gas is measured in dollars, not gallons). However, the control group, which strips out volatile segments like autos, gas, and building materials only rose .1%, versus Street expectations of .4%. The strength appears to be in autos and food service. Bad weather in the Northeast may have played a role in the number, however.
Business Inventories rose .1% and the Bloomberg Consumer Comfort Index fell to 44.3.
Initial Jobless Claims rose to 304k last week. This is going to be a number to watch - falling energy prices are triggering layoffs in the energy patch. Interestingly, part of the reason why labor has been so tight in construction was due to workers moving from the construction sector to the energy sector after the housing bust. As energy prices fall and construction begins to ramp up, this could be good news for the housing sector and especially the homebuilders. The builders have been frustrated by an inability to find skilled labor, and a reversal of the migration from construction to the energy sector should help them.
Julian Castro appeared before the House Financial Services Committee yesterday. His prepared remarks are here. He was there to defend the cut in mortgage insurance and to rah-rah everything the Administration has done to get housing (and the economy) moving. It was basically a defense of an activist government role in the housing market.
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