Market Analysis

Both bonds and stocks were down this morning.  The 10 Yr Treasury has moved back to breakeven but mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac are still down (lower prices, slightly higher yieds/rates).

In economic news, Initial Jobless Claims for the week ended 08/07 were up 2,000 to 484,000 instead of down to the 465,000 level the market had been expected.  Continuing Claims for the week ended 7/31 though came in at 4.452 million, unchanged from the prior week's revised number and lower than the 4.6 million the market had been expecting.