10/21/09

The good news is that according to the median estimates, the FOMC will keep the target rate for overnight funds unchanged for another year. And yesterday, after the initial movement, rates didn’t do much and actually stayed in a pretty tight range. Here this morning things are slightly worse, in spite of stocks around the world being down, and no US economic news. Mortgages look weaker as well with pricing worsened. Later this morning, however, the Federal Reserve will release their Beige Book which details economic conditions in all the US regions. As I’ve said, all one has to do is drive down Main Street in any town and count the “For Rent” signs.