Daily Market Update 9/15/08

Mortgage rates improved slightly Monday morning, regaining territory lost Friday afternoon. Stocks plummeted on news of the bankruptcy filing of investment bank Lehman Brothers. Merrill Lynch, another major investment bank, will be purchased by Bank of America. AIG, the world’s largest insurer, announced a restructuring which will include the sale of assets to raise capital. Oil prices dropped to $96 per barrel. The Consumer Price Index for August will be released Tuesday. The Federal Open Market Committee (FOMC) meets tomorrow and is considering lowering the Fed Funds target rate by 1/4% due to recent turmoil in the financial markets.

Leave a Reply

Your email address will not be published.

Back to top