9/9/09

Good morning. The market opened a little weaker this morning, but mortgage rates are unchanged. Yesterday’s auction of 3 year Treasuries went well and this afternoon the Treasury will auction 10 yr notes in the second of three auctions this week. Also this afternoon the Fed will release the Beige Book, which is their detailed report on the economy from the 12 Fed districts. Lots of detail in the Beige Book but generally nothing that markets are not already aware of.