Strong data today from the housing sector has U.S. stocks rocketing higher this morning. Housing starts jumped to 685,000 and building permits were up 5.7%, both exceeding forecasts. Multi family units were the majority of the improvement, which in time should ease the pressure on rents.
Dysfunction is again making headlines in Washington D.C. as lawmakers haggle over the extension of the payroll tax cut time (whether it should be extended temporarily for 2 months or for 18 months) and other issues. Again, a lack of leadership which could bring the government to a halt by the end of the year.
After a nice rally Monday bond prices are sharply lower pushing yields higher. After closing at 1.81% the 10 year note is trading at 1.90% this morning. Still on tap for today is a $24 billion auction of 7 year notes by the U.S. Treasury.
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