Bond prices rose sharply, meaning interest rates fell, on Monday and stocks were lower as uncertainty over U.S. economic growth regained its footing. Stocks lost most of what they had gained on Friday, and bonds recouped about half of Friday’s losses.
This morning the Conference Board reported its Consumer Confidence index rose to 53.5 in August, up from 51.0 in July. In addition to this positive consumer confidence news, home prices in 20 U.S. cities, as measured by the S & P/Case-Shiller index, rose 4.29% from June 2009.
At 2:00 PM, ET today, the Fed releases its minutes from its August 10th meeting. Much has been made about the varying opinions at the Fed and these minutes will provide the only true insight we get into how adamant each member is and how persuasive their arguments are during FOMC meetings.
Both stock and bonds are improving this morning, with mortgage pricing better by .125% to .250%.
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