Rate Watch 2-6-2009

Cautiously Floating:
The Labor Department reported this morning that 598,000 jobs were lost in January. This is worse than expectations of 540,000 jobs lost, and is the worst number since December 1974. Overall, about 3.6 million jobs have been lost since December 2007, with nearly half of them in just the past three months.
So far this morning, Stocks have held their early gains and are trading in positive territory. The positive momentum in Stocks is weighing on Mortgage Bonds at the moment.