Tap Tap…Mic Check. Is this thing on? November 7, 2013 Just give me a platform. The market rallied in the pre-trading hours courtesy of the ECBs interest rate decision. However, all gains were lost with the GDP and Jobless Claims released this morning. The European Central Bank chose to cut interest rates to a new record low of .25%, causing investors to seek U.S. securities with a higher yield. Dear Europe, thank you. GDP came in stronger than expected suggesting the economy is growing, however consumer spending continues to lose momentum. I knew I should have bought that second Mt. Dew this morning. Initial Jobless Claims came in on the screws! It matched economists’ forecast at 336K. Good news for the mortgage industry: delinquencies and foreclosures declined this quarter. Despite the news reel above, the market remained flat with the zero point rates hovering around 4.5%. Is this microphone on? Investors? Yeah, hi, come buy our bonds. Maybe Jobs Friday will get their attention. – Lindsey Fediuk, Capital Markets Analyst
