Tomorrow has two pieces of data that will likely affect rates. The first is the ADP Employment report at 8:15 AM ET, which has the potential to cause some movement in the markets if it shows much stronger or weaker numbers. This report tracks changes in private-sector jobs of the company's clients that use them for payroll processing. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not very accurate in predicting results of the monthly government report that follows a couple days later. Still, because we sometimes see a noticeable reaction to the report, we are addressing and will be watching it. It is expected to show 220,000 new payrolls. Ideally, the bond market would prefer to see a much smaller increase.