Daily Commentary by Larry Baer: Different day - same story. The European Union has done little to convince global investors a plan is now in place sufficient to bring the euro-zone crisis to an end. Boiling this rather involved event down to its smallest denominator -- I think it is safe to say the direct influence of the European financial crisis will likely remain supportive of sideways to perhaps fractionally lower trending mortgage interest rates here at home well into the New Year.
Looking ahead to the coming week -- Uncle Sam will be in the credit markets looking to borrow $66 billion in a three-part auction. The Treasury Department is scheduled to sell $32 billion of 3-year notes today, $21 billion of 10-year notes tomorrow and $13 billion of 30-year bonds on Wednesday. The final gavel will fall at 1:00 p.m. ET for each of these auctions.
Tuesday's Treasury auction will be bookended by the November Retail Sales data in the morning and the release of the post-meeting statement from the Federal Open Market Committee when they wrap up a one-day meeting at 2:15 p.m. ET that same afternoon.
Inflation figures from the factory gate and from Main Street will be the primary focus of mortgage investors when the government releases their November Producer Price and Consumer Price index statistics at 8:30 a.m. ET on Thursday and Friday respectively.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
