29 Nov Good news for rates
Markets started the day with positive news as reading #2 of 3rd quarter GDP was higher than the previous reading. Pending Home Sales came in 5.2% higher than the previous month and Initial Jobless claims were lower than the previous week at 393,000. But then John Boehner came out and said there was, “No real progress” on the Fiscal Cliff talks… Yes, the same John Boehner that gave positive remarks yesterday. It may do the American public well to be on guard for some political “playhouse 90”. With talks going on behind closed doors and different stories being broadcasted by each party at intermissions, we are witnessing politics at its dramatic best. mortgage bonds are attempting to stay positive after turning down yesterday, so interest rates are slightly higher today. New transactions can start with a floating bias.