I tried to think of clever headlines for today's blog, but at the end of the brainstorming session "Yee Haw!" fit best.

The Data:

Real GDP - Quarter over Quarter Change
Consensus 0.7 %
Actual 0.6 %

GDP price index - Quarter over Quarter
Consensus 2.6 %
Actual 2.7 %

New Claims
Consensus 350 K
Actual 373 K


The weaker than expected GDP and Worse than expected Jobless Claims are fueling the buying of bonds that we saw ramp up into yesterday afternoon.  The 5.5% FNMA Coupon is improved by 26/32nds currently.  That's a good morning so far!

Right now Bernanke is testifying before the Senate Banking committee.  The market can react to this, but today is an obvious "floater" until further notice.