Today's Market NewsApr 24 2013
Despite more weak economic data and a reversal in European bonds last night, mortgages and Treasuries were stuck in the recent range all day. This morning Durable Goods Orders disappointed the market by slumping to -5.7%, after a revised increase of 4.3% the prior month. Durable Goods Orders gauge the demand for long-lasting goods like aircrafts and computers. Given the week number, economists may trim down their Q1 GDP estimates which are to be released on Friday morning. Yields didn’t deviate much from yesterday’s closing levels as the 10yr closed just under 1.7% at 1.698%. Mortgages were largely unchanged on the day with originator dumping about 2.1bb in supply on the market – easily absorbed by the Fed and other buyers. Tomorrow’s calendar is very light with just Weekly Claims.