Despite news from overseas, including a jack-in-the-box rate cut from China, U.S. bond markets are staying relatively flat, although at strong levels. Watch for static or falling mortgage interest rates.
Thursday: Weak European data sent bonds soaring into positive territory. Domestic numbers were good: U.S. jobless claims are down again and holding on to the lowest levels we've seen since 2000; core CPI, a measure of inflation, jumped 0.2 percent since the last reading; existing home sales also came back positive, jumping 1.5 percent in October. Mortgage bonds did not yield in the face of this good data, until the Philly Fed announcement came back so strong (to 1993 levels!) that bonds lost much of the gains they experienced during domestic trading. Overnight strength still held. Mortgage interest rates fell.
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