Flaherty warns of even higher mortgage rates after this week's jump
Flaherty doesn’t give any concrete reasons for this statement other than rates are currently low.
Canadian household debt high, but still manageable, banks conclude
“The high debt number ignores the fact that thanks to a "near-miraculous" recovery in stock prices, along with rock-solid house prices, household assets are also at near record levels. Assets to income rose to 420 per cent in the third quarter of 2010 and are still rising”
* TSX -108.22 to 13,7784.30
* DOW +6.74 to 12,239.89 Traders took in testimony from U.S. Federal Reserve chairman Ben Bernanke . He told the House budget committee that the sharp drop in unemployment over the last two months is encouraging but cautioned that it will take several years for hiring to return to normal
* Dollar +.07c to 100.61c USD amid lower commodity prices and a lack of economic data that would move the market.
* Oil -$.23 to $86.71 USD per barrel Prices declined despite a U.S. government report showing a smaller than expected increase in crude supplies.
* Gold +$1.40 to $1365.50 per ounce
* Canadian 5 yr bond yields markets up another -.03bps to 2.74. The spread (based on the MERIX 5 yr rate published rate of 4.24%) is now back into the high end of the comfort zone at 1.50.
(courtesy of Barb Morgan, DBD Ontario Southwest)
