Daily Market Update 1/2/09

Rates were little changed Friday in light trading. Mortgage-backed securities (MBS) markets will close at 2:00 PM et today. In economic news, the Institute for Supply Management Manufacturing Index fell more than forecast to its lowest reading since 1980. Stocks moved higher. MBS markets will resume a normal trading schedule next week. Closely watched reports due out include the minutes from last month’s Federal Open Market Committee meeting on Tuesday and Friday’s release of Non-farm Payrolls for December. Earlier this week the Fed announced plans to begin buying MBS’s directly from Fannie Mae and Freddie Mac in January in a move designed to lower mortgage interest rates and stimulate the housing market.

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