Market Update from Nick Russo!
January 31, 2014
The Fed announced they would cut 10 billion off their Mortgage Purchase program lowering it to 65 billion per month. The Bond market has a surprised positive reaction and stocks dropped substantially. At one point it was down over 200 basis points and is currently looking to close down 149 points. Rates are looking great on the recent improvements, but can they hold?? The safe haven of Bonds has great appeal but if the market changes we will see some sell off. The personal spending report came out and showed spending is up. This usually supports the stock market but Bonds were able to shrug it off and stay positive. Time to find a home as rates approach the previous lows most thought were gone forever!