8/19/09

There is no economic news today, aside from whatever the equities markets might be up to. Yesterday rates worsened slightly in spite of the Fed buying their usual allotment of securities – this time mostly 5% and 5.5% securities. This morning, the stock market opened weaker and mortgage rates have gained backed some of yesterday’s losses. As long as stocks fall, bonds and mortgage markets will benefit. Let me know if you have any questions.