CONGRESS BETTER DO SOMETHING It appears that Congress can’t quite decide what to do on the current mortgage legislation. The broad thinking suggests that if they can’t do something prior to their summer recess, when they return the November election will consume their time. Although doing nothing is an option, let’s hope they don’t take
Rates increased by about 20 basis points Friday on news that unemployment held at 6.1% (instead of the predicted increase to 6.2%). This indication that the job market could be stabilizing caused investors to sell bonds in favor of stocks, driving yields up. However, this was more of a trading phenomenon than a fundamental shift.