Bernanke's comments today are good for the Mortgage Market and are holding up prices at an all time high (rates remain at an all time low). Remember, low inflation is good for mortgage rates, so is generally bad economic news (unemployment, low economic growth, troubled loans in the banking industry).
Here's how the day played out with news from Bernanke's speech today:
2:32 PM ET - Many banks still have large volume of troubled loans - Bernanke.
2:13 PM ET - Bernanke: My colleagues on the Federal Open Market Committee (FOMC) and I expect continued moderate growth, a gradual decline in the unemployment rate, and subdued inflation over the next several years.
2:01 PM ET - Bernanke: conditions to warrant exceptionally low interest rates for an extended period of time. His prepared statement mimics last week's Fed minutes.
9:17 AM ET - Mortgage Bond prices are being capped by the strong earnings reports this morning...Mortgage Bonds have a direct impact on home loan rates. As Mortgage Bond prices rise, home loan rates tend to move lower. They work in an inverse relationship.
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