Get Ready to Chew on the Beige Book!
Food Quote of the Day: “Part of the secret of success in life is to eat what you like and let the food fight it out inside.” – Mark Twain
Wuss’up This Week: The two biggest reports coming out this week are the Fed’s Beige Book, today, and the Employment Report on Friday. If it were available on Amazon, I would imagine the Beige Book sales would be close to zero, because it can’t be that thrilling a read (and I’m waiting for the movie). It summarizes economic conditions from each of the 12 Federal Reserve regional districts. If the book shows signs of inflationary pressures, the Fed’s ability to keep rates lower may be somewhat restricted. If you pay attention to these things you’ll start to hear rumors about the prime rate being raised from where it stands now, which is the all time low (3.25%).
Mortgage Rate Update: Bond prices rose last week which helped rates come down a little. Turmoil in many oil-producing countries sent oil prices way up, which normally causes rates to go up as well. But we are not living in normal times, Mortgage fans. Rising prices ignited concerns about the global economic recovery and sent many into buying US debt instruments, e.g., treasuries and bonds (side note: a debt instrument to my parents was when they bought me a guitar in 7th grade, only to have me quit lessons a month later)
Interest Rates continue to hover in the high 4s and low 5s with ARMs about a point lower. As usual rates vary on type of property, equity in the property, credit score, and if you think Kirk Douglas was the highlight of Sunday’s Oscars.
Food Quote of the Day 2: “Hey Mom – the meatloaf! We want it now! The meatloaf!” – Chazz Reinhold (Will Ferrell), Wedding Crashers (2005)
Timeout for Trivia: Congrats to all of you who correctly guessed Groundhog Day as last week’s answer. Want to be entered into a drawing to win a copy of a Pam Anderson Baywatch poster my wife is making me get rid of? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “On this date in 1994 I lapsed into a coma after mixing Valium and champagne. I recovered, but a month later my death would be a little ironic, since the name of my group came from a Buddhist concept which describes freedom from pain. It’s not a play on words when I talk about a girl who was the love of my life, but it is a play on words when I say my drummer is a fighter.”
If it Ain’t Broke Don’t Fix It: Strawberry filled Twinkies?! The end of the world is near…