Daily Commentary by Larry Baer: Trading activity is thin this morning in the
mortgage market as investors refrain from placing big bets on the direction of
mortgage interest rates as Americans head to the polls to cast their vote in a
tight race to select the next president. Analysts are divided on
the impact the outcome of the elections could have on financial markets -- so
the majority of investors have simply moved to sidelines to wait for the official
results.
The Treasury
Department is conducting an auction today featuring $32 billion worth of 3-year
notes. The relatively short duration of these notes should draw a decent
bid from domestic and foreign investors alike. If so, this event will
likely prove to be supportive of steady rates. The final gavel will fall
at 1:00 p.m. ET.
THE
MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
