Feds Move Didn’t Do Much

//Feds Move Didn’t Do Much
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Mon, Mar 16 – 5:13 PM ET

Big Fed moves were unable to soothe the extreme coronavirus fears today as the Dow saw its largest daily point loss in its history plunging nearly 3,000 points on fears of further slowing economic growth. Investors rushed into the safe-haven of the bond markets as the 10-yr yield fell to .75% from Friday’s close of .96% though above its session low of .63%. Mortgage Bonds closed with strong gains though below the session highs. Look for more of the same volatility as the week progresses. A fallout from the virus came from today’s weak and negative reading Empire Manufacturing Index for March, the worst number since 2009. Retail Sales and the NAHB Housing Market Index will be released tomorrow but will take a backseat to the coronavirus headlines and economic fallout. If you have brand new clients coming in the door, you can float, yet be mindful of how volatile the price movement is while we look for stability. You can lock clients you were unable to lock early last week.

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By | 2020-03-17T00:57:48+00:00 March 17th, 2020|Uncategorized|