The final revision to 4th quarter 2010 GDP told us the U.S. economy grew at a 3.1% annual pace. That is the good news; however, the lingering question for the 1st quarter of 2011 is if the increase is sustainable given the rise in gas prices and faltering consumer sentiment.
The news from Japan is not as optimistic as the nuclear reactor saga continues, and headlines from Europe, specifically Portugal, are equally dismal as it appears at this point the country is headed for a bailout.
Oil prices are maintaining levels north of $100/bbl as military activity in Libya continues with no real end goal in sight. Quagmire is the descriptor used in one article I read this morning.
Again to day we see the bond market weaker and stocks moving higher. The yield on the 10 year note has pushed back to 3.46% and mortgage pricing is worse by approximately .125%.
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