Daily Commentary by Larry Baer: Looking ahead to the coming week -- Tuesday's Institute
of Supply Management Service Sector Index
will take a distant back seat to Friday's February Nonfarm Payroll
report.
Mortgage investors
have already priced-in expectations for a February headline jobs number of 165,000
and a national jobless rate holding steady at 7.9%. If the actual numbers
match or closely approximate the consensus estimate -- this report will have
little, if any, noticeable impact on the trend trajectory of mortgage interest
rates. A headline nonfarm payroll number greater than 170,000 and/or a
national jobless rate of 7.8% or less is almost certain to push mortgage rates
higher. While a stronger-than-expected February payroll report is
possible - at this juncture it is not deemed to be very probable.
THE
MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
