Markets are still slow today, and are reacting to the slow Thanksgiving week. Economic data has made a small impact, as most of the market moves took place prior to the release of the data today. During the overnight session, Treasuries moved into weaker territory, and the start of the European trading session brought about a small bump in yields, although the movement has been taking place in a very narrow trading range. MBS followed and has had a weaker start to the day as well. As we come off of the holiday week, this week's data has the ability to make an impact. Employment data set for Friday will likely be an important piece of information, as an exceptionally weak report could have some sway over the Fed's decision to hike rates in December. This week's data schedule is as follows. Today is the Chicago PMI, tomorrow is the release of ISM Manufacturing Data and Construction Spending, Wednesday brings the ADP National Employment and ISM New York Index, Thursday is Initial Jobless Claims and ISM Non N-Mfg PMI, and Friday we see the NFP report, International Trade numbers, Private Payrolls, Unemployment Data, Manufacturing Payrolls, Average Workweek Hours and Earnings report. Check back tomorrow for up-to-date mortgage market news.
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