Out of work? There are 5.75 million job openings out there right now, the highest level in 14 years according to the Labor Department. Snatch up that job quickly though, economists at Citibank wrote this morning that a global recession is on its way over the next couple of years. Citi is not the first to register the global slowdown; the World Bank and International Monetary Fund are both urging the Federal Reserve not to raise rates at next week’s Open Market Committee meeting.
Mortgage Bonds continue their three day drift lower and are at the the bottom of the trading range. U.S. stocks are rebounding this morning after China’s Shanghai Index rose 2.29% last night on their government’s promises to strengthen fiscal policy, expedite tax reform, and beef up infrastructure.