Mortgage Rates Unchanged; Bonds Down On Retail Sales
13 February 2008
Rates were flat today, although bonds were down after a stronger than expected retail sales report. Strength from yesterday in bonds, kept rates steady.
Excluding auto sales, which are more volatile, retail sales data came in .1% higher than expected, and the bond market reacted negatively to this data today, as consumer spending makes up a large part of our economy.
Bernanke is scheduled to speak to Congress tomorrow, and his comments will be closely scrutinized by the markets. Expect the possibility of volatility tomorrow afternoon.
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