The NFIB Small Business Optimism Index reached the highest level since October 2006 in December, up +2.3 points to 100.4. Today’s data release for January showed that the Index disappointed expectations, down -2.5 points to 97.9 (consensus 101) to reverse the prior month’s advance. Wholesale Trade Sales for December were $449.8 Billion, down -0.4% from the revised November level but up +1.4% YoY. Total Wholesale Inventories for December were $547.6 Billion, up +0.1% from the revised November level and up +6.7% YoY. The stock-to-sales ratio reached 1.22 in December after gaining +0.1 point in November to 1.21. Treasuries are continuing to sell-off for the fourth consecutive day as tensions ease in Greece and in anticipation of today’s $24 Billion 3-Year note auction. The curve has bull steepened with 2s10s up +2.8 bps and MBS is outperformingtreasuryhedges by 0.5-1.0 tick.
GNMA Issuer Fannie Mae and Freddie Mac Direct Lender Licensed throughout the U.S. and Puerto Rico Privately Held Mortgage Bank for Over 32 Years Excellent Underwriting / Funding Turn Times
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