Rate Watch 3 16 2010

Carefully Floating:
Stocks, Treasury Bonds and Mortgage Backed Securities near unchanged levels so far this morning as the markets await the Fed release its Interest Rate Decision and Monetary Policy Statement this afternoon. The Fed will likely leave the Fed Funds Rate unchanged, while acknowledging that the labor market’s continue to struggle and the overall economy is slow, but improving from worse levels. The most interesting part of today’s Fed Statement will center on the use of the now famous statement.”Rates will stay exceptionally low for an extended period”. Housing Starts and Building Permits for February were both reported higher than expectations. However 2009 was the worst year for new construction across the country since 1981 and this year is expected to be the second worst year in the past thirty years as well. Crude Oil @ $82.01 soars this morning as OPEC says it would not increase production and the US Dollar is weakening against major currencies. If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.