4/28/10

No news this morning, but later today we have a 5-yr auction, and the Fed announcement. To sum it up, don’t look for any rate change in overnight rates. Instead, if it is a slow day, the bond market will pick apart the announcement for word changes. Whether it is Greece, Spain, Portugal, Abu Dhabi, Las Vegas, the commercial property market in general, foreclosures here in the US, there are a lot of problems out there, and the Fed pushing rates higher is very unlikely. This morning mortgage prices are slightly worsened.