Daily Market Update 3/23/11

Mortgage rates held steady Wednesday in quiet trading. February New Home Sales fell by 16.9% to an annual rate of 250,000 units, a new record low. Richard Fisher, President of the Federal Reserve Bank of Dallas and well-known inflation hawk, said the Fed is “going to have to be extremely wary” of inflationary pressures. He also warned that interest rates could rise if US lawmakers do not “get their act together” and map out a responsible fiscal plan. Congress has an “excessive addiction to debt spending and shoplifting our children’s future”, said Fisher. No other economic data will be released today.

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