MBA Mortgage Applications fell for the second consecutive week, for the week ending November 28th, down -7.3% vs. -4.3% prior (-11.9% YoY). Purchases advanced +2.5% vs. -4.8% prior (-4.4% YoY), Refinancing declined -13.4% vs. -3.5% prior (-16.3% YoY) and the average interest rate for a conventional conforming loan fell -7 bps to 4.08% (4.51% a year ago). ADP Employment Change disappointed expectations posting 208K vs. 230K prior (consensus 222K), which may point to weakness in Friday’sNonfarm Payrolls print. Nonfarm productivity growth for Q3 was revised up to +2.3% from the first estimate of +2.0%, and following +2.9% in Q2. Unit Labor Costs had a sizable downward revision to -1.0% from the first estimate of +0.3%, and following +3.7% in Q2. Markit US Services PMI is expected to edge up to 56.5 vs. 56.3 prior and at 11:00 AM (PST)the Fed releases the latest Beige Book. Treasuries have risen to session highs as the market digests the disappointing ADP print and Productivity data. The curve has bear flattened with 2s10s down -0.7 bps.
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