Money Market Recap & Forecast from the Daily Communicator
May 3rd, 2010
Written by Frost Mortgage
Categories: Branch Partner Opportunities, Economy, Loan Officer Opportunities, Monday Money Market Recap & Forecast, Mortgage Banker News, Mortgage News, Net Branch Opportunities
Money flew into U.S. Treasuries on Tuesday after Standard & Poors downgraded Greece’s debt to “junk” status. Later Portugal also suffered a downgrade. Buying was furious as investors sought the safety of Treasuries and the 10-year note yield, which moves inversely to price, tumbled by 10 basis points.
The day began differently, as consumer confidence in April jumped to a higher-than-expected 57.9 from 52.3. A big increase in “future expectations” was responsible for the big number.
The Fed statement released Wednesday afternoon surprised no one. The post-meeting announcement retained the words “extended period,” referring to the question of how long rates would remain at rock-bottom levels. The rationale is that businesses need to borrow cheap money to hire and make capital investments.
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