Initial Jobless Claims 3.29 | worst since 2005

Initial Jobless Claims | Reported 407,000 | Est 360,000 | Prior 366,000 | MODEST

First time claims for unemployments surged to 407,000!  The highest number since 2005.  This is a sign of further weakening in the jobs market.  The Mortgage Backed Securities have responded well currently they are +31bp.  The ISM Services Index  is released at 10:00am.  This should make for continued volatility today.