The NFIB Small Business Optimism Index posted a +0.7 point gain in July to 95.7, and for August the number edged up another +0.4 to 96.1 vs. a consensus of 96. The fundamentals were mixed with the component for current job openings up +2 points to 26, the component for capital outlay plans rose +4 points to 27, while plans to increase employment fell -3 points to 10. 10-Year notes declined for a fourth consecutive day yesterday, the longest negative run in three months, in response to speculation that the Fed may raise rates sooner than expected. Later this afternoon (10:00 AM PDT) the Treasury will auction $27 Billion in 3-Year notes. The curve has bear steepened with 2s10s up +0.4 bps and MBS is opening 1-2 ticks tighter to hedges.
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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