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May 10, 2002
M o r t g a g e r a t e s f o u n d b o t t o m o n t h e o c c a s i o n o f t h e s t o c k m a r k e t ' s s p l e n d i d W e d n e s d a y , a n d y e t a g a i n b o u n c e d u p w a r d f r o m 6 . 7 5 % . A n o t h e r f a c t o r , o b s c u r e d b y t h e h i g h - h y p e c o v e r a g e o f t h e s t o c k m a r k e t : t h e T r e a s u r y i s a g a i n a b o r r o w e r i n t h e b o n d m a r k e t a f t e r f i v e s t r a i g h t y e a r s o f n e t p a y o f f s . \ n \ n T h i s w e e k ' s e c o n o m i c d a t a e m p h a s i z e d t h e w i s d o m o f t h e F e d ' s u n c h a n g e d , r i s k s - a r e - b a l a n c e d p o l i c y : t h e o v e r n i g h t F e d f u n d s r a t e r e m a i n s a t 1 . 7 5 % w i t h l i t t l e c h a n c e o f a n i n c r e a s e t h r o u g h s u m m e r . R e t a i l s a l e s s t u m b l e d t o a m i n o r g a i n i n A p r i l , a n d n e w c l a i m s f o r u n e m p l o y m e n t i n s u r a n c e h e l d s t u b b o r n l y h i g h . A 2 0 - y e a r r e c o r d g a i n i n w o r k e r p r o d u c t i v i t y a n d a . 1 % r i s e i n p r o d u c e r p r i c e s c o m b i n e d t o p u s h f e a r s o f i n f l a t i o n o u t o f f o r e c a s t r a n g e . \ n \ n T h e c a t a l y s t f o r W e d n e s d a y ' s 3 0 0 - p o i n t e x u b e r a n c e i n t h e D o w : C i s c o ' s 1 s t q u a r t e r e a r n i n g s s u r p r i s e - - 1 0 c e n t s p e r s h a r e - - a n d i t s C E O ' s o p t i m i s t i c ( ? ) s t a t e m e n t t h a t " W e ' r e n o t c a l l i n g a t u r n a r o u n d , b u t w e a r e s e e i n g s o m e e a r l y i n d i c a t i o n s t h a t a r e o f i n t e r e s t t o u s . " \ n \ n R e
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