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Market Moment-03/03/2014

By
Mortgage and Lending with New American Funding NMLS 6606 310298

 

Amazing what a difference a couple days and a foreign occupation on the other side of the world can make…

 

So much for the market’s shrugging off Ukraine, but when a superpower (are they still considered one? With enough nukes to fry the world they should be…) invades/occupies any other country markets tend to take notice. Today appears to be a classic flight to quality day. Stocks are looking to take a hit and bonds/rates should benefit from it. I expect this to be a short term bounce though so look for advantageous rate lock opportunities.

 

Data may serve to support or negate some of the benefit of this strife. A Gallup report on consumer spending showed we opened our wallets in Feb. That was supported by Personal Income and Outlays data from back in Jan that was just released this morning too. Later this morn we have manufacturing data and Construction Spending reports that will add to the data mix. The morning wraps up with two treasury auctions that should be extremely well received given the current crisis in Crimea.

 

So we’re looking at a favorable day for rates, at least as of this morning. Play the game today but keep an eye out for swings. It’s unlikely rates will be hurt today, but timing the best opportunities will be tough as always.

 

 

 

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