News was mixed this week. Earlier in the week, the write downs by UBS and others caused a strong stock market rally on the sentiment that the worst may be over for financial markets. This caused rates to increase. This was further fueled by a stronger than expected ISM Report. However, Friday's Employment report showed a higher than expected number of job losses and a higher than expected unemployment rate for March, which brought rates back down by the end of the week. All told, rates ended up slightly higher on Friday than where we had left off a week ago.
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