Mortgage bond prices opened near unchanged Tuesday morning holding rates steady from pricing Monday.
In
news released at the open, housing starts printed at 708K.
Expectations were for 725K starts. That data had little effect on
trade.
With no more news set for release today traders are
now waiting for stocks to begin trade at 9:30 am ET. Currently Dow
futures indicate the index will open slightly higher.
Trade in
Europe was quiet, a welcome relief. The ZEW Economic Sentiment report
shocked to the downside with both the Euro zone and Germany printing
well below expectations. Recession pressures are building in Europe and
around the world. Greece looks to form a collation government as early
as today. That would be good news for the entire world.
The
Fed begins their two-day meeting today and will announce changes to
interest rate policy tomorrow afternoon. Many are looking for the Fed
to ease further. At this juncture in history, the majority of the
world’s major economies are looking for support from central bankers.
Global growth is slowing and inflation pressures are in check. Who
knows, is QE3 coming to a ratesheet near you?
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