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It's no longer Shop Til You Drop; It's Save To The Grave!
After a little volatility this morning the mortgage markets settled down this afternoon. Stocks were lower all day but the trading didn't look anything like some kind of reversal, just taking a breather ahead of jobs data tomorrow and Friday. As usual with any declines in equities, going into the close the losses through the day were cut in half in the last 30 minutes from levels at 2:30.
This morning's ADP employment report may have taken a little wind from the sales of the markets, job losses at 532K in May and a revision from -491K in Apr to 545K isn't a strong building block.
Bernanke was testifying to the House Budget Committee today and did his usual best to paint the economy as one that has seen the worst, ditto on the financial system; but shot some arrows into the air. Spitting in the wind; "Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth," Bernanke said in testimony to lawmakers today. "Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance." Fiscal responsibility in ... more
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