Bond and stock markets around the globe remain focused on the European sovereign debt problems. It is becoming clear this is not an issue that will be resolved any time soon, and may require central bank intervention---just as the Fed and other central banks were winding down the support programs.
This week we have experienced the classic flight to quality trade, as global equity markets sank, along with the Euro. While this is ultimately bad news for the global economy, the immediate impact of low mortgage rates for U.S. borrowers is something that should be taken advantage of while the opportunity is here.
Remember, tomorrow is the release of the monthly jobs report, which is currently expected to reflect job growth of 180,000 +, including temporary census workers.
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