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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Real Man who wrote (412611)12/13/2010 3:26:51 PM
From: Giordano Bruno  Read Replies (1) of 436258
 
...so far, the impact of the Fed's latest bond buying spree isn't promising. After bottoming in October, mortgage rates have moved steadily higher, rising by half a percentage point since October. On Monday, rates on 10-year U.S. Treasuries continued to advance a six-month climb, striking 4.61 percent for a 30-year mortgage, up from 4.46 percent the week before.

Critics say the rise shows that the Fed's plan to spur the economy by lowering rates with massive bond buybacks is backfiring: interest rates are going up and the jobless rate isn't going down.

"They've gotten the opposite results," said Stephen Roach, non-executive chairman of Morgan Stanley, Asia. 'If anything that takes a little bit out of economic growth instead of adding to it. The markets are rendering a very negative verdict on the Fed's grand experiment."

today.msnbc.msn.com
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