Wednesday, January 30, 2008

It's Fed Day, Expect Volatility

Today will be an important day in determining exactly where mortgage rates are going short term. At 2:15 p.m. The Federal Reserve is expected to cut rates further. A 1/2 point cut is widely expected, but not a lock. Anything short of 1/2 point would likely rock the stock market (short term), and even if the market gets what it wants, things could get rocky if there is even a hint or innuendo that the fed would pause on it's course. I'll be back later with analysis on the cut and the housing market and economy in general.

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