Mortgage bond prices are near unchanged this morning holding the gains from yesterday despite the data so far this morning.
Weekly jobless claims 452k, expected 455k, not exactly bond friendly but initial reaction muted. LEI, and Phil. Fed data @ 10am et
Yesterday afternoon Fed Beige Book:
Economy grows at modest pace in beginning of Oct
Housing weak, prices stabilizing
Consumer spending up
Prices of goods and services stable, wage pressures minimal
Fed’s Plosser says Fed should focus on long-term even if right decision disappoints markets, sees inflation moving up in 2011.