Our benchmark FNMA 5.5% bond traded within a 47bp range before ending 12bp higher to close at $101.56 in a late-day move. The bond traded as high as $101.72, but was unable to mount any kind of sustainable rally as equity markets continued to rebound following last Friday's sharp move higher and pulled money away from the bond market. Economic stimulus programs conducted by governments and central banks around the world boosted investor sentiment toward stocks today. The Chinese government is reportedly planning to expand its recently announced $586 billion economic stimulus package while the government of India said it would boost spending by another $4 billion and cut taxes in an effort to further stimulate their economies. In the U.S., President-elect Barack Obama announced plans over the weekend for a massive public works spending program to further stimulate the U.S. economy. Additionally, Congress reportedly hammered out the final details for a rescue plan consisting of temporary bridge loans for the Big 3 automakers. Loans totaling $15 billion would be extended through March 2009 to provide the automakers a chance to restructure themselves into viable car manufacturers. A 3-year and 10-year Treasury Note funding announcement showed the Treasury is seeking a $28 billion increase in 3-years and $16 billion in re-opened 10-year Notes, suggesting Treasury supply will remain high for the remainder of this year. This added supply may work to weigh down the bond market. The Dow extended Friday's rally with a 298 point gain to close at 8,934. The broader S&P 500 Index bounced 33 points to end at 909 while the NASDAQ Composite Index gained 62 points to close at 1,571.