The minutes from last month’s FOMC meeting were largely uneventful and indicated that Fed members believed the economy had improved slightly, but the committee was still extremely concerned about the unemployment picture. This morning, initial jobless claims for unemployment insurance during the previous week were reported higher, confirming that the U.S. labor market will take time to recover. Pro-democracy protests in the Middle East are lifting the treasury markets. Treasury and mortgage prices are higher this morning, with interest rates a bit lower.
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