New Fractal from George Toledo on Vimeo.
Bond Yield: Closed at 3.41% today.
Bond Yield: Down to 3.43% @ 8:48 am
From my favorite financial news blog The Baseline Scenario:
Yves Smith cites the Pew Research Center to show that media coverage of the financial crisis and recession has focused primarily on political battles – stimulus, bailouts, etc. – rather than on problems in the real economy.
Greenspan lays it down:
U.S. regulators should consider breaking up large financial institutions considered “too big to fail,” former Federal Reserve Chairman Alan Greenspan said
In case you hadn’t heard:
Millions of people who get their electricity from Pacific Gas and Electric Co. will soon see a one-time drop in their electric bill.
Not everybody had such a good Q3 as JP Morgan-Chase and Intel:
U.S. stocks fell, pulling benchmark indexes down from a one-year high, as General Electric Co. and Bank of America Corp. reported disappointing results and a gauge of consumer confidence trailed economists’ estimates. The dollar rose for the first time in five days.
peaceful day from indie shape on Vimeo.
Week 3, October 2009
We had some big news in the financial world this week where we saw the Dow Jones Index climb over 10,000 for the first time in a year and where some earnings reports (most notably JP Morgan/Chase and Intel) demonstrated some significant economic progress. Of course, when the stock market has a surge like this it is usually coupled with an increase in the Bond Yield as well, so mortgage rates do tick upwards as a result. But, if there is anything I have seen consistently in my observance of the financial markets it’s that once some profits are gleaned from a stock market surge there is inevitably a sell-off coming. It’s a casino like no other, and when folks win there is always a rush to cash in the chips. I’ve seen some articles declaring how the rising mortgage rates will “slow the economic recovery”, which would be true if we were locked onto an upward heading. But too much evidence points otherwise. If we’re right now witnessing the seminal pivot of the market, then high rates or not we should all sincerely jump for joy. Higher rates are not such a problem when the economy is in legitimate expansion. Anyone even remember when the Fed was raising rates to cool down the hot economy? That was in the late nineties. And considering the data in the link below, I don’t think we’ve seen the last of low rates by any stretch of the imagination.
See here to learn more about the trend of American economic activity.
To contact me about financing your dream-home click here.
Weekend Wanderer’s Events
…finding the treasures in your town and beyond.
Two for This Weekend:
The Root of all Beauty in San Francisco: This one just caught my eye as a perfect lead-off event for the weekend list. “The Root of All Beauty” is a celebration and exploration of sight and sound–two visual artists and a sound artist, each informing and inspiring the others work. Drawings & Sculpture by Thao Duong, Paintings by Telopa, Soundscapes by Gloria Justen. This exhibition opens Friday night at Muse Gallery. Check it out here: http://www.yourmusegallery.com
Flamenco Extraordinaire in San Francisco: From the website: “Performing in the traditional style rarely seen outside intimate gatherings in the Gypsy neighborhoods of southern Spain, INÉS BACÁN one of Spain’s most revered singers, makes her U.S. premier with the stellar flamenco ensemble ARTE Y PUREZA led by guitarist ETHAN MARGOLIS.” Friday in Saratoga, Saturday in San Francisco, and Sunday at the Napa Valley Opera House. Check ‘em out here: http://www.flamencofestivalsf.com/BAY_AREA_FLAMENCO_PARTNERSHIP.html
Help Your Fellow Living Beings:
www.OxFam.org: Self-described: “Oxfam International is a confederation of 14 like-minded organizations working together and with partners and allies around the world to bring about lasting change.” I found this Tag Cloud demonstrates their efforts including: Aid, Conflict, Development, Emergency, Fair Trade, Health, Humanitarian, Poverty, Relief, Security, Trade, Violence. They’re out there fighting the good fight around the world. If you’re into the world-wide peace and justice thing, you might check ‘em out.
Two Weekends from Now:
West Fest 40th Anniversary of Woodstock in San Francisco: I think it’s probably going to be hard to ignore the 40th anniversary of Woodstock around these parts. While the event occurred many miles away, many moons ago, the Bay Area had a healthy influence and involvement in the fabled festival over those three days back in 1969. Basically, folks around here are going to celebrate this anniversary. There’s no doubt about it. Golden Gate Park will be the epicenter for the local celebration. Check it out at http://www.2b1records.com/woodstock40sf
Pic of the Week… from my phone camera.
Another gem from Big Sur in summer-time.
Bond Yield: Up to 3.42% @ 9:20 am
Bond Yield: closed @ 3.41% today.
Bond Yield: Up to 3.4% @ 9:15 am
Bank of America gets more press it doesn’t want:
Bank of America Corp. said Tuesday it will charge a limited number of its credit card customers annual fees ranging from $29 to $99 starting next year.
An interesting article on how our “too big to fail” banks should probably be broken up:
On Friday morning, Diana Farrell – a senior White House official – made a significant statement on NPR’s Morning Edition, with regard to whether our largest banks are too big and should be broken up.
Some news on the intangible:
Confidence in the world economy rose for a third straight month in October as gains in manufacturing and equities added to signs of recovery, a Bloomberg survey of users on six continents showed.
Bond Yield: closed @ 3.35% today.
JP Morgan/Chase suggests interest-only mortgage modifications:
Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults, according to JPMorgan Chase & Co.
Governor Schwarzenegger signs bill restricting mortgage modification companies:
Loan modification firms that promise to help struggling borrowers get their mortgages rewritten have been banned immediately from asking for cash upfront.
Bond Yield: Down to 3.33% @ 9:05 am
Mortgage Bankers Association working hard to extend First Time Homebuyer’s Tax Credit:
The expansion — or, at a minimum, extension — of the $8,000 first-time-home-buyer tax credit that is set to expire Nov. 30 is at the top of the legislative agenda for the Mortgage Bankers Association, with one of the MBA’s leaders saying the trade group is “very close” to winning that battle in Congress.
Bond price up and yield down with news that the Fed will refrain from raising rates until late next year:
Treasuries rose for the first time in three days on speculation the dollar’s decline will spur demand from foreign investors as the Federal Reserve keeps interest rates at a record low through late 2010.
Bond Yield: Closed at 3.38% today.
Bond Yield: Way Up to 3.37% @ 9:08%
Not the ideal news for mortgage rates. But these things do tend to see-saw:
U.S. Treasury debt prices fell Thursday, with the 30-year bond losing over a full point, after weak demand in an auction of the securities stoked fears of a waning appetite for the huge supplies of government debt