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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Peter Singleton who wrote (63048)	6/23/1999 2:03:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Peter, The bond market is doing part of the Fed's job, but it doesn't have the bully pulpit where it can spin fantasies to the public and Congress, as the Fed does. Mortgage rates will continue to rise vs. Treasuries because there are few buyers. Fannie and Freddie are already leveraged incredibly and a small uptick can kill their eps. I expect a resurgence of the housing market this summer, which will lead to even higher mortgage rates, so I wouldn't own a mortgage on a bet.