According to CNBC “The June FOMC session was significant in that Chairman Ben Bernanke followed it by telling the media that the Fed was prepared to start winding down its bond-buying program by the end of 2013. That revelation, in a news conference, rattled markets, sending stocks on a 7 percent decline and interest rates surging higher.”
Full article here.
My opinion is that rates will come back down as we get closer to the end of summer and the purchase market slows down but today’s comments didn’t help us get closer to where rates should really be…truth is that the economy isn’t as stable as the Fed makes it seem…but we’ll see.
- Fed members: More job gains needed to taper bonds (kansascity.com)
- Fed Puts Economy At Risk By Letting Interest Rates Soar (jhaines6.wordpress.com)
- Fed members: More job gains needed to taper bonds (bostonherald.com)
- Spotlight on economy: Focus on Fed’s ‘tapering’ plans (blogs.marketwatch.com)
- How to Profit Off Today’s Rising Interest Rates: Dave Ramsey Weighs In… (prweb.com)
- Fed members: More job gains needed to taper bonds (utsandiego.com)
- Fed members: More job gains needed to taper bonds (fresnobee.com)
- Mortgage Applications Plummet, Weighing on Bank Stocks (fool.com)