5/21/10

There is no economic news today, not that it would make much difference with what is going on in Europe and with the Senate’s passage of its version of overhauling financial-sector regulations. Yesterday, in the late morning, the Conference Board’s Leading Economic Indicators dropped in April. Although the drop was attributed to a smaller money supply, lower building permits, and shorter manufacturing times, it was the first drop in LEI in more than a year. But with stock markets around the world continuing to fall, and the jobs picture here in the US still bad, the flight to safety bid for our fixed-income securities continues. Who would have ever thought that a “flight to safety” would take place into our mortgage market!? This morning mortgage prices are better once again. Hooray!!!