CHM Blog

This morning March employment report. March NFP jobs expected at 131K, reported at 22K, February jobs originally 151K revised to 117K. Private jobs thought to be 115K reported at 209K, but February private jobs revised from 140K to 116K. Average hourly earnings +0.3% as expected and unchanged from February, year/year earnings estimates at 4.0% declined to +3.8%. The labor participation rates at 62.5% from 62.4% in February. Manufacturing jobs increased just 1K from 8K in February.

At 9:30 am the DJIA opened -900 after trading down over 1200 points last night. The NASDAQ opened -450, S&P -132. 10 year note at 9:30 am 3.95% -8 bp from yesterday but up from 3.87% overnight. MBS prices +28 bps from yesterday’s close.

At 11:25 am this morning Fed chief Powell speaking at the Society for Advancing Business Editing and Writing (SABEW) Annual Conference. The speech was scheduled a while ago. With the trade wars beginning, it is unlikely the Fed will cut rates this year, there had been an increasing idea for three cuts. Cutting rates isn’t necessary and doing so won’t have influence over the trade battles.

The key 10 year note has declined from 4.21% Tuesday to 3.85% this early this morning. Already today there is an increase in volatility, the 10 year note from 3.85% to 3.94%.

PRICES @ 10:00 AM

10 year note: 3.94% -9 bp

5 year note: 3.61% -12 bp

2 year note: 3.56% -14 bp

30 year bond: 4.40% -7 bp

30 year FNMA 5.5: @10 am 100.71 +30 bp

30 year FNMA 6.0: @10 am 101.96 +15 bp

30 year GNMA 5.5: @10 am 100.71 +10 bp

Dollar/Yen: 145.28 -0.78 yen

Dollar/Euro: $1.1023 -$0.0031

Dollar Index: 102.19 +0.11

Gold: $3,091.80 -$29.90

Bitcoin: 82,388 +465

Crude Oil: 61.93 -$5.02

DJIA: 39,601 -945

NASDAQ: 16,103 -447

S&P 500: 5248 -149

Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.