2/4/10

Today we have already seen the weekly Jobless Claims number and productivity numbers and will have Factory Orders later on. In other words, pretty quiet on the economic news front. We do have 3, 10, and 30 year Treasury instruments to auction off next week. Jobless Claims unexpectedly rose last week, up 8,000. to 480,000 in the last week of January. The four-week moving average for new claims rose for the third straight week of increases. And U.S. non-farm productivity rose faster than expected in the fourth quarter. Employers have been cutting costs and headcounts. The bond market likes the news, and is retracing yesterday’s losses: mortgage rates are slightly better this morning.