Mortgage Bonds look weary as prices seem to be topping out at current levels. Stocks are up so far today and that may continue to weigh on Bonds as the day progresses.
In economic news, Weekly Initial Jobless Claims fell in the latest week, but above expectations. This news is “ok”, but we are simply not seeing any meaningful improvement in the labor market.
We will begin the day with a floating recommendation, but it looks like the rally in Mortgage Bonds has stalled and prices could reverse lower.