Market Comment

Mortgage Bonds are trading higher and following through on yesterday's post-Fed Announcement rally as the statement was clearly more downbeat on the economy. The Fed made no change to interest rates and the "extended period" language was kept in place.

There were no economic reports released today.

White House Director of the National Economic Council, Larry Summers, is the latest of the Administration's economic advisors to leave their post. This means 75% of President Obama's Economic team has resigned, with Treasury Secretary Timothy Geithner being the only remaining member left.

For now, I will recommend a Floating bias. If anything changes, I will get back to you.

Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA

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