Weekly Market Snapshot – June 8th, 2020
Created by: Sam Tenney
- May US Jobless rate fell from 14.7% to 13.3%, a total payroll increase of 2.5 million for the month of May. The Bureau of Labor Statistics, however, has said if “Numbers were reported accurately the rate may be 3% higher,” making it 16.3%.¹
- A sell off in long dated US treasuries has accelerated leaving the yield curve at the highest spread since 2016. US 30-year treasuries reached a 120 basis point spread on Friday. This is a sign that growth may be priced into the bond market again, although not necessarily inflation.²
- Mortgage bond purchases by the Federal Reserve have reached $1.86 Trillion as of Wednesday June 3rd. Mortgage bonds have replaced commercial paper as the second largest Fed holding, behind US Treasuries as the largest holding. We will see if this trend continues and what that could mean for the mortgage market.³
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