Hopefully investors will take a little off the top and force cash back into Treasuries which will help all of us Originators lock in lower rates for our clients. Little rally today is helping. A few more down days and we could retouch those lows of late last year and early 2013.
Financial turmoil in the tiny little island of Cyprus has investors shifting back into the safe haven trade of global Bond markets today feeling that it could lead other small Euro nations across the region.
US Stocks are trading lower on the news and giving a bounce to Mortgage Bonds this morning.
There are no economic reports due for release today.
The big standout this week will be the two-day Fed Meeting that begins tomorrow and ends with the monetary policy statement being released at 2:00pm ET on Wednesday.
There is no chance of a hike in interest rates but the Fed’s rhetoric on the current stimulus programs will be closely scrutinized.
A Carefully Floating bias continues to be recommended, but as always, sentiment can quickly reverse.
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