Rate Watch Friday 1-9-2009

Cautiously Floating:
Stocks move to the red as do Mortgage Backed Securities. Oil falls below $40/barrel again after recent run up. MBS falling after the jobs report came in as expected - maybe Bonds were looking for much worse and it doesn't look like the Fed is out there buying today. Stock futures push slightly higher. Oil drops to near $40/barrel. 8:17 AM ET - Jobs losses for December near estimates of 525,000 coming in at 524,000. Unemployment rate at 7.2%.