From Scott Cummings at Cummings Financial, visit his website at LOANS ON HOMES
Here is an update on the financial and mortgage markets. The good news is mortgage rates are rallying and moving lower. The Consumer Price Index was reported slightly higher than expected this morning. When volatile food and energy were stripped out, however, the Core CPI was in line with expectations. The Bond market liked the report and initially added to yesterday's gains, but have since come down after the Capacity Utilization and Industrial Production both came in a little hotter than expected.
Stocks, on the other hand, are at 2009 highs and are getting a boost this morning on positive comments from billionaire investor Warren Buffet, who remarked that the US economy has bottomed out.Currently, the Bond remains above support at the 25-Day and 100-Day Moving Averages. I recommend floating as long as these floors hold. I will continue to monitor the situation and let you know if a change of course is needed.
"Scott CummingsScott Cummings,CMPSPresident / CEOCummings Financial
505-884-8600
Scott@cummingsfinancial.net
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