Forget you ever heard 4.5%
1/23/09 The 4.5% ship has sailed. The FED was supposed to use $500 billion to keep interest rates low. I guess the FED's definition of low and ours is different. The FED has spent $50 billion of the $500 billion since the programs inception at the beginning of the year. The FED had plenty of opportunity to step in and by Mortgage Backed Securities this week and they did not. That would lead me to believe that they are not trying to drive rates to the 4.5% like everyone...

Geithner Gaffe
1/22/09 Here is a quote from our Treasury Secretary:

Timothy Geithner, currently the president of the New York branch of the Federal Reserve said, "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency.
"President Obama has pledged as president to use aggressively all the diplomatic avenues open to him to seek change in China's currency practices," Geithner said in...

New policy
1/21/09 The new Treasury Secretary is testifying before the Senate Finance Committee. It is expected that Tim Geithner will be confirmed. He will then start announcing the policy for the new administration. The new policy is expected to free up lending. This should put us back on the path to better rates.

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Bernanke speech
1/20/09 . With nothing on the economic front, I thought I would reread Ben Bernanke's speech to The London School of Business from January 13th. Here are a couple of quotes I found interesting.

"For example, we recently announced plans to purchase up to $100 billion in government-sponsored enterprise (GSE) debt and up to $500 billion in GSE mortgage-backed securities over the next few quarters. Notably, mortgage rates dropped significantly on the announcement...