Daily Market Update 4/4/12

Rates moved higher Wednesday, but mortgage-backed securities (MBS) regained some ground lost late Tuesday.  Yesterday, MBS prices fell sharply following the release of minutes from the March 13 FOMC Meeting of the Fed, which showed little support for further easing.  Weakness in stocks has helped MBS recover some of those losses today.  In economic news, payroll firm ADP forecast private employment gains of 209,000 in March, close to expectations.  The European Central Bank made no change in rates, as expected.  The Institute for Supply Management services index came in at 56.0, slightly below forecast.  No other key data will be released today.

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