Foster Weeks does a weekly mortgage update.
“…the Dow cracked another historic high, closing above 12,000 last week…and believe it or not, did so on the anniversary of “Black Monday” in 1987, when the Dow plunged by 508 points and suffered it’s second largest loss in history. The strong stock gains sure seem to indicate that investors continue to feel good about the US economy…which perhaps has achieved that rare feat of a “soft landing”, slowing down without actually stalling out.
“The economic reports of last week were mixed, but underscored a continuous message – that the US economy is still cooking along with some strength, and certainly exceeding most analysts’ expectations. And most all the recent reports cover the bases in bearing this out – housing numbers remain better than expected, employment is still reasonably strong, the stock market is roaring away…and as a result, inflation continues to be hotter than anticipated…”"… read on.
- Foster Weeks
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