2/10/10

Good morning. Most rates worsened again today as mortgage rates continue to slide from their recent highs on Friday ahead of today’s 10-year auction. Stocks opened down as questions surfaced over Europe’s resolve to triage Greece’s debt crisis, helping bonds hold their levels. Bernanke’s press release was a sneak preview of what might be in the cards for the Fed’s tightening. He indicated that nothing would be implemented until the economy was back in better shape, but the markets took this release--and it’s not-to-be-delayed by the weather urgency—as a hint it may happen sooner than he suggested. The economic releases did little to move the markets—they were all worse than expected. Not good news…