The increase in consumer sentiment, which is normally positive for stocks, was a non-event this morning. The markets instead are focusing news that China may continue to rein in economic growth and inflation by raising interest rates, and thus, slowing the global recovery.
Stocks, bonds, and commodities are all taking it on the chin, and we have seen the yield on the 10 year note climb to 2.75%. Mortgage prices are approximately .25% worse from the close on Wednesday---remember, the bond market was closed Thursday, Veteran’s Day.
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