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Fed MBS Purchases Support Lender Selling. Bernanke Hints at Program’s Extension
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the four trading days between November 27 and December 2, the Federal Reserve purchased a total of $16.00 billion agency MBS. In those four days the Federal Reserve sold no agency MBS. Today, the Chairman of the Federal Reserve, Ben Bernanke, sat before the Senate Finance Committee for his re-appointment confirmation hearing. One Senator brought up an issue that hits home for many mortgage and housing professionals. He stated that many market participants were worried that the Fed's exit from the MBS market would have
Jobless Claims Improve. Labor Force Productivity Implications on Future Hiring
if productivity remains at these high levels and demand (output) does not increase , businesses will have less incentive to hire new labor. Given the uncertain economic outlook, we should expect to continue to see employers offering temporary job opportunities as seasonal influences warrant. From a positive perspective, the upward revision to unit labor costs and still extremely efficient read on productivity, while a function of less output, does support the notion that the pace of layoffs will continue to slow.Furthermore, a more productive work force and still falling unit labor costs implies greater corporate profitablity. Perhaps the surge in
Jobless Claims, ISM Non-Mfg
Investor sentiment was given a boost after the closing bell yesterday when Bank of America announced it will be paying back $45 billion in TARP funds. Two hours before this morning’s opening bell, equity futures are pointing higher after yesterday’s mixed session.rnrnThe Dow looks to open 30 points higher at 10,469 and the S&P 500 points up 3.50 points at 1,112.
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