The KUIK Morning Market Report for Tuesday, June 20:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(23)
points
21,509
7:06 AM
S&P500
Down
-0.3%
percent
2,446
(7.83)
Nasdaq Composite
Down
-0.3%
percent
6,222
(17.30)
30 Year Treasury
Down
(3)
Basis Points
2.76
Annual Yield
Federal Reserve Vice Chairman Stanley Fischer said that he’s worried memories might be fading about the pivotal role that housing played in the 2008 financial crisis. "House prices are now high and rising in several countries, perhaps as a result of extended period of low interest rates," Fischer said in a speech to a conference in Amsterdam. He said the government’s role in housing is increasing with Fannie Mae, Freddie Mac, and the Federal House Administration "now the dominant providers of mortgage financing" and "there is more to be done" to strengthen the resilience of the housing finance systems. He said taking the possibility of severe stress seriously would help.
The Commerce Department reports the U.S. current-account deficit, which measures our debt to other countries, rose 2.5% to $116.8 billion in the first quarter. The increase was tied to a higher trade deficit in goods such as foreign autos and smaller returns on American-owned assets held abroad. The gap is below the peak of 6.3% hit in 2005.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
