Daily Market Update 3/18/13

Rates moved lower Monday as uncertainty in Europe hurt stocks and boosted mortgage-backed securities.  This morning the EU announced it will provide a 10 billion euro bailout to Cypress only if private banks in Cypress tax deposits at a 6.75% to 10% rate, depending on account size.  The bank tax is hugely unpopular, and the government has postponed a vote until tomorrow to try to develop a more acceptable plan.  Without the bailout Cyprus faces a high risk of default.  No key economic data will be released today.

Leave a Reply

Your email address will not be published.

Back to top