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The continuation of accommodative policy from the Fed and generally dovish tone in Ms. Yellen’s prepared statement yesterday inspired a rally in the mortgage market which ratcheted prices up a notch and is keeping rates stable this morning.¬† Even the news out of Philadelphia that the¬†manufacturing sector is posting positive numbers for the first time since last June is not reversing yesterday’s gains.¬† And now that I read what I just wrote and realize how depressing it sounds, I am not surprised.

Happy St. Patrick’s Day!