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Friday, August 29, 2008
Rate Watch 8/29/08: Locking
After 4 days of favorable bonds, there is a negative crossover emerging in the bond charts, indicating an overbought status. The Bond Market took in data from reports relased today that the Economy is stronger and inflation highest since 1991 (in the key Personal Consumption Expenditures Index (PCEI) report that includes energy costs). This PCEI was at 2.4% and the Fed likes to see it at 1-2%. With the headwinds of a stronger economy, 4 days of improving rates and a higher than expected inflation report, it is prudent to recommend locking. The market closes early today and will open again the day after Labor Day on Tuesday.
