(As of 7:07 am PST)
Worries about problems
associated with winding down US economic stimulus programs are weighing on
markets this morning. Signs of the types
of turbulence which might arise are reflected in the rise of the yield on the
10-year bond, which has jumped from 1.7% to 2.15% in a little over a week. Mortgage rates are also rising sharply, with
the 30 year now over 3.75%. The OECD,
Office of Economic Development, has lowered its estimate of global growth
rates, increasing downward pressure on the stock market. Gold is up slightly and oil is down. The US currency is also down against other
global currencies, reversing its strong showing of the last few weeks. Expect this uncertainty to continue to rattle
markets as the summer progresses.
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