Factory Orders in Worse Than Expected

There we go!  Finally some negative data to help the MBS market.  The report read at =1.8%, a pretty significant margin over the consensus of -0.6%.

Also, Bernanke is testifying currently.  No surprises yet, but he is just now getting into the Bear Stearns deal.

MBS are a touch better and only 3 to 4 ticks away from even on the day.