Maine Mortgage Market Wrap

MARKET WRAP: Not much action in the Mortgage Bond markets today as events in North Africa and the Mid East somewhat subsided. Inflation remained tame as evidenced by the Core PCE report but a strong Chicago PMI weighed on prices throughout the session. Our benchmark 4% coupon rose 3bp to 98.56 and traded in a 22bp range today. Stock markets were able to rally today after last week’s sell-off on the ease of news from Libya and on the The 50-day moving average continues to be a strong layer of resistance for Mortgage Bonds. MARKET WRAP: Not much action in the Mortgage Bond markets today as events in North Africa and the Mid East somewhat subsided. Inflation remained tame as evidenced by the Core PCE report but a strong Chicago PMI weighed on prices throughout the session. Our benchmark 4% coupon rose 3bp to 98.56 and traded in a 22bp range today. Stock markets were able to rally today after last week’s sell-off on the ease of news from Libya and on the Chicago PMI Index. The Dow rose 95.89 to 12,226.34, the S&P 500 Index was up 7.34 to 1,327.22 while the Nasdaq saw a moderate gain of 1.22 to 2,782.27. February was the 3rd straight month of gains for the major indices. Oil prices fell 91 cents to $96.97/barrel but were up 5% for the month. Tomorrow the ISM Manufacturing Index will be released.. The Dow rose 95.89 to 12,226.34, the S&P 500 Index was up 7.34 to 1,327.22 while the Nasdaq saw a moderate gain of 1.22 to 2,782.27. February was the 3rd straight month of gains for the major indices. Oil prices fell 91 cents to $96.97/barrel but were up 5% for the month. Tomorrow the ISM Manufacturing Index will be released.

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