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The bond market opened flatter today, and that is interesting in the context of the weekend's news.
It used to be that the threat of jihad tanked the U.S. equities markets, driving a Flight to Quality and lowering mortgage interest rates.
Today, though, traders are shrugging off Osama bin Laden's latest call for jihad.
It used to be the Iran bragging about its nuclear program caused the Department of Homeland Security to raise the Terror Alert level, creating a Flight to Quality, and lowering mortgage interest rates.
Today, though, Homeland Security remains at Elevated level -- the same level its been at since it was lowered March 21, 2006.
It used to be that rising oil prices created fear of a U.S. economic slowdown, driving a Flight to Quality and lowering mortgage interest rates.
Today, though, oil and gasoline costs are skyrocketing and market players are shrugging it off.
Rather than watching oil-related events (as we've come to expect), all eyes are on Friday's Employment Cost Index and the Advance GDP instead. The former tells us what employees are getting paid; the the latter what goods are costing employees.
These are wonderful gauges of inflation and that should move markets over the next few days.
At least, that's how it used to be.
SourceGas Prices Sour at PumpStacey Bacaabc7.com, April 24, 2006http://abclocal.go.com/wls/story?section=local&id=4109897
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
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