4/22/10

Yesterday the stock and bond markets did not see too much volatility. Today we have had the Producer Price Index, Initial Jobless Claims, and will see housing data for existing homes. PPI was up slightly and stronger than expected. Year-over-year the PPI was up 6.0% which is very strong. Initial Jobless Claims dropped to 456,000, and continuing claims dropped slightly. Later today the Treasury will announce the amount of securities to be auctioned off next week: 2-yr, 5-yr, 7-yr, and 5-yr TIPS. After the inflation and jobs’ news, mortgage prices are roughly unchanged.