Last night, Congress passed the debt deal which will fund the government and raise the debt ceiling for a few months. Some investors had been hesitant recently to purchase government bonds due to the risk of default, however slight. When the deal seemed certain to pass, these investors began purchasing Treasuries and MBS in the middle of yesterday's session and have continued this morning. Today's Jobless Claims data caused little reaction. Weekly Jobless Claims dropped to 358K, above the consensus of 330K, as the shutdown had a bigger than expected impact.
The Dow is down 100 points. Philly Fed is scheduled to be released at 10:00am ET.
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