Our Real Estate Blog

September 6th, 2011 1:19 PM
This Week; there isn't much in the way of key economic data. The week is all focused on Thursday evening when the President will speak to a joint session of Congress to lay out his plans to create jobs. Yes, it will be interesting but it will be mostly political, chiding Republicans to get on board his plan what ever it might be. In the meantime the economy is continuing to slide; no new jobs created in August rocked the markets last Friday. Likely the President will announce a lot of construction jobs such as brides and roads since they can be up and running quickly. Unlikely he will ever use the phrase "shovel-ready" again since his last attempt to increase jobs that were "shovel-ready" turned out to be a dud. It will require more spending, how will that go down with conservatives? Not well.
 
Over the weekend foreign equity markets were hit hard. The 10-yr yield to a record low 1.911%. A flight to safety in response to Monday's sell off in equity markets around the world was reversed after the Swiss National Bank took drastic measures, announcing a peg of 1.20 euro per 1 franc (trading at 1.10 pre-announcement). At 8:30 this morning the 10 yr traded at 1.94%. Mortgage markets will likely drag along but won't move as much as rates fall as treasuries. At 8:30 the 10 yr note +14/32, mortgage prices -3/32. 
Posted by Lehel Szucs on September 6th, 2011 1:19 PMPost a Comment (0)
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