Mystery Finance Theater

The S&P closed at another all-time high and although interest rates took a beating yesterday as a result, I won’t bore you with another chart today.  Needless to say, the refi frenzy has cooled around the office.

Today we have Building Permits down 1.2% and Housing Starts down 2%.  The headline Producer Price Index dropped 0.8%.  Not much reaction from the markets: Stocks are marginally down and Bonds are marginally up.  The reading of the Fed minutes here in a half hour could give us further direction on whether yesterday was the beginning of the end of low interest rates or just a blip that we’ll overcome by the end of the month.  It’s a Mystery…