Market Comment
Mortgage Bonds started the day higher, but quickly lost ground and are trading near unchanged levels after a lower than expected Initial Jobless Claims number was released.
Tomorrow morning at 10 am ET, Fed Chairman Ben Bernanke will be speaking from Jackson Hole, Wyoming at the Kansas City Fed's Annual Symposium.
This may be one of Mr. Bernanke's most important speeches, because the Fed has been highly criticized of late for lacking leadership and vision for a clear path to recovery. The markets will be looking and hoping for a plan - a clear, unified plan, to help the economy.
For now, I will recommend a Floating bias, but there is a Treasury auction this afternoon with the results to be released at 1:00pm ET that could impact trading. If anything changes, I will get back to you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
Tomorrow morning at 10 am ET, Fed Chairman Ben Bernanke will be speaking from Jackson Hole, Wyoming at the Kansas City Fed's Annual Symposium.
This may be one of Mr. Bernanke's most important speeches, because the Fed has been highly criticized of late for lacking leadership and vision for a clear path to recovery. The markets will be looking and hoping for a plan - a clear, unified plan, to help the economy.
For now, I will recommend a Floating bias, but there is a Treasury auction this afternoon with the results to be released at 1:00pm ET that could impact trading. If anything changes, I will get back to you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
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