U.S., European and Asian equities retreated on increased concern that a slumping housing market will slow the global economy. A report today is expected to show that an index of homebuilder confidence probably fell to a record low this month.
Two-year note yields fell 2 basis points to 3.33 percent after falling to 3.28 percent on Nov. 16, the lowest since February 2005. Fed fund futures indicated a 74 percent chance that the central bank will reduce its benchmark rate a quarter-percentage point to 4.25 percent on Dec. 11, compared with 72 percent odds a month ago....but you never know--these figures change at least weekly----sometimes daily! The Federal Open Market Committee cut the benchmark rate to 4.5 percent at its Oct. 31 meeting. We'll have to saee what happens! If gas/oil stays high and Friday sales are slow..you can bet on a rate cut (IMHO).
:-)
Comments(1)