Market Outlook
Wednesday, October 08, 2008
Price Trend: Positive
Price Volatility: Very High
Recommendation: Floating but ready to Lock
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Current Conditions: Today's Economic Data (all times PST)
FNMA 5.5 100-21 (+2) FOMC Minutes 11:00
GNMA 5.5 100-27 (+3)
10yr Yield 3.497%
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Commentary:
In a somewhat expected move, the World's major central banks made a coordinated rate cut last night with the Fed lowering the fed funds rate by 0.50%. It seems that the financial markets are still trying to figure out how to react to this move. Stocks have been all over the place this morning and bonds are having trouble finding direction, as well.
In economic news today, pending home sales surged in August as buyers scoop up foreclosed homes with low interest rates. The economic calendar is almost non-existent for the rest of the week. We should be in for another turbulent day.
This Week's Calendar
Click on a "Release" for Insight
|
Date |
ET |
Release |
For |
Actual |
Briefing.com |
Consensus |
Prior |
|
Oct 07 |
14:00 |
FOMC Minutes |
Sep 16 |
|
|
|
|
|
Oct 07 |
15:00 |
Aug |
|
NA |
$5.0B |
$4.6B |
|
|
Oct 08 |
10:00 |
Pending Home Sales |
Aug |
7.4% |
|
-1.2% |
-3.2% |
|
Oct 08 |
10:35 |
Crude Inventories |
10/04 |
|
NA |
NA |
NA |
|
Oct 09 |
08:30 |
10/04 |
|
NA |
475K |
497K |
|
|
Oct 09 |
10:00 |
Aug |
|
NA |
0.4% |
1.4% |
|
|
Oct 10 |
08:30 |
Sep |
|
NA |
NA |
NA |
|
|
Oct 10 |
08:30 |
Sep |
|
NA |
NA |
NA |
|
|
Oct 10 |
08:30 |
Aug |
|
NA |
-$59.0B |
-$62.2B |
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