Market Update - 01-26-2011 - FOMC Decision
The FOMC kept interest rates at 0% to .25%, unchanged from the prior period. The policy statement had only modest changes, generally confirming improving economic conditions albeit insufficient to bring down unemployment in a still struggling employment picture. QE2 is expected to run full term through June while prospects for long term inflation remain benign. The report is spot on from what the market expected, leaning on the ‘dovish" side if you're looking for a bias. Post release, the market rallied a few 32's but just like the 5 year note auction, we are fading fast. Currently, the 10 year note is off 30/32's (ouch) to yield 3.43%. Mortgage backs now down 16/32's so we're probably going to pinch you. Not sure why but someone has a burr in their saddle. Careful out there.
Scott S. EggenSenior Vice President - Capital MarketsPrimeLending, A PlainsCapital Company18111 Preston Road, Suite 900Dallas, Texas 75252
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