BREAKING NEWS:

Yesterday was absolutely brutal for the Mortgage Bond Market as the Fed confirmed the rumors that QE will end. Bernanke claims he could begin tapering bond purchases as early as July, causing the market to fall with a somewhat reckless abandon. Mortgage rates increased to their highest levels since May of 2012. The headlines ignored the news that China’s manufacturing industry unexpectedly contracted; adding concern the global recovery is still fragile. What the market will do today is anyone’s guess. Today Jobless Claims are due at 8:30 and New Home Sales at 10.