Mortgage rates are about the same as they have been averaging: 6.25 percent for basic conforming loans.
All other markets are in frantic action, a perfect mirror of the struggle between two groups for accurate perception of the economy. One crowd is plugged into the global economy, technology and stock-market optimism; to them, business has never been better. The second crowd is the bond/bank bunch: we weren't there at the time, but things look a lot like the run in to the 1930s.
Both are correct. However, only one will stay correct. Civilians are justified in asking what the hell is going on, and who -- if anyone -- is in charge.
That "balanced" line is supposed to mean no cuts ahead. Yet, the short-Treasury market has plunged a full percentage below the Fed. Anticipation of more cuts? Some, but mostly fear that credit loss is running out of control.
Are more cuts coming?
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