Yesterday, mortgage rates moved slightly higher for the first time in four days. This move was caused by a stronger than expected report on Initial Jobless Claims. Treasuries fell for the first time in three days prior to a government report that economists said will show U.S. employers increased hiring in April.
The Employment Situation report, to be released today, is arguably the most significant piece of economic data this month. This report is directly tied to the current QE policy — the longer hiring remains repressed, the longer the Fed will continue their bond purchases and the longer rates can sustain their current levels.
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