Breakfast Bites; Equities are off to the races this morning largely fueled by Fed Chairman Bernanke’s speech on the economy where he indicated rates would remain low for the foreseeable future. Industrials are leading the charge this morning
- “ Further significant improvements in the unemployment rate will likely require a more rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies," Bernanke told a gathering of the National Association for Business Economics. It is becoming clear that the fed will maintain its low interest rate environment for the foreseeable future and the door remains open for further quantitative easing.
- The number of Americans signing contracts to buy previously owned homes held in February near an almost 2 year high, a sign the real estate market may be stabilizing
- Chicago federal National Manufacturing Activity Index fell to -0.09 in February from the prior 0.33 reading
- The national activity index, pulled down by production, fell to minus 0.09 from January's revised plus 0.33.
- The Munich based IFO Institute said that the German business climate index (confidence) rose to an 8 month high in March, suggesting that Europe’s largest economy will return to growth.
- European Finance Ministers will meet on March 30th to discuss raising the 500 billion euro ceiling on the regions financial firewall