|"They always call him Mr. Touchdown." Rudy Vallee. While the U.S. posted some positive numbers on the economic scoreboard this week, Mario Draghi, president of the European Central Bank (ECB), called defensive plays to ward off deflation in the Eurozone.
Americans filing for first-time unemployment benefits fell to a five-month low, the Labor Department reported, signaling ongoing strength in the job market. Although this was the only U.S. report of the week, economic news headlines from around the world held investors' attention.
Across the Atlantic, the ECB announced additional measures to ward off deflation in the Eurozone, including near zero interest rates for bank lending and deposits. The ECB move followed a similar path taken by Japan in January to reboot its economy. Certainly, these plays will be topic for conversation when Federal Reserve Chair Janet Yellen and her team take a time out to gather for the March 15 and 16 meeting of the Federal Open Market Committee here at home. As the Fed weighs in on our economic recovery, further rate increases could put the U.S. at odds with other major currencies, hitting exports and manufacturing where it hurts.
For now, the economy is still scoring for low home loan rates. In fact, rates continue to hover in historic territory.
If you or someone you know has any questions about the housing market, current rates or home loan products, please don't hesitate to email or call me. 702-850-2000