9/11/09

Good morning and happy Friday! Yesterday, once again, both stocks and bonds rallied. We were helped in part, with a decent 30-yr auction by the Treasury. On top of that, Treasury Secretary Geithner was in the news suggesting that as they see signs of strength, the government will not be hesitant in reducing its role in the markets. In addition, he said that unemployment is still too high, but that the recovery will be gradual. This morning we find mortgages roughly unchanged from Thursday afternoon but slightly better than Thursday morning.
The remainder of the session likely will be subdued; it is Friday with next week filled with key economic reports (August retail sales the most significant on Tuesday). Four separate reports on the manufacturing and business sector and August housing starts and permits also to be digested. Have a great weekend.