Rates moved higher yesterday for no good reason, other than continued momentum from Friday’s strong Employment Report. We need a strong piece of economic data to reverse the trend; however the calendar is empty today. Treasuries rallied over night before Janet Yellen faces a confirmation hearing tomorrow. She will also defend the monetary stimulus plan already in place. Policy makers have stated that interest rates will remain low as long as inflation stays below 2.5 percent and unemployment remains above 6.5 percent. The jobless rate was 7.3 percent last month, making tomorrow’s Jobless Claims report the most important number of the week. Maybe it will give us the push we need to lower our rates.
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