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

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