The Markets today have prepared themselves for tomorrow’s “Super Thursday”. The day kicks off with Comey speaking on the hill. Next, The ECB will announce its monetary policy. While that is occurring, the UK will hold their election…and at this rate Oil and China can always kick into high gear!
Giving us a head start Mr. Comey released his prepared statement for tomorrow's hearing. It may have taken the edge off a bit, but also left key answers…well frankly, unanswered! Prime Minister May's lead in the polls is shrinking and markets are looking for a hawkish tilt in their statement, yet inflation has yet to reach the 2% target.
On the home front, The Dow closed 37 points. While 10-year bond yields rose to 2.17% - nothing to get worried about. The Dollar was stronger today against both the Yen and Euro.
Oil fell by 5% as growing inventories and plummeting demand weigh in.
Mortgage rates continue to drop very slowly. We still don't see headliners like fixed rates dropping but each day's drop could mean "free application fees" and more.
It is all about tomorrow…Talk to you then readers!