So far this AM

• ADP employment down 298k, more than expected
• Still, we're shocked ADP is even line 1 news
• Mortgage Banker's Association on government's future role in secondary mortgage market: "The centerpiece of federal support for the secondary mortgage market should be a new line of mortgage backed securities."  More on this (a lot more) coming later today.

Recap of yesterday

• Started down, ended up on stock market selling
• stock selling driven by losses in bank shares
• paradoxically, data was good
• key levels broken (in a good way) in both tsy's and MBS

The Day Ahead

• productivity and costs at 530
• FOMC MINUTES at 2pm

In the time it takes to type:

• Productivity and costs out mostly as expected
• After slight indecision, fixed income looks to stabilize in "just barely positive" opening levels