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January 6th, 2011 9:06 AM
Yesterday's huge ADP job growth estimate for Dec (+297K jobs) sent a shock through the markets; the consensus was for ADP to report an increase of 100K. Interest rates increased 13 basis points on the 10 yr note and 10 basis points for 30 yr mtgs in reaction to yet another better than expected data point. Add in the better ISM services sector index, the better than expected ISM manufacturing data on Monday, the better than expected Nov factory orders, and the better than expected Nov construction spending, all adding to the increasing view that the US economy is expanding, sent interest rates higher.
Posted by Steve Dinielli on January 6th, 2011 9:06 AMPost a Comment (0)
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