Tuesday’s bond market has opened in negative territory following the release of this morning’s consumer confidence related data. The stock markets are mixed with the Dow down 12 points and the Nasdaq up two points. The bond market is currently down 11/32, which will likely push this morning’s mortgage rates higher by approximately .125 - .250 of a discount poi nt.
The first economic data of the week was posted at 10:00 am ET this morning by the Conference Board. They said that March’s Consumer Confidence Index (CCI) rose this month to its highest level in almost 4 years. The 107.2 exceeded analysts’ forecasts by a wide margin, indicating that consumers were much more confident in their own financial situations than thought. This is bad news for the bond market and mortgage rates because higher levels of confidence usually means consumers are more apt top make large purchases.
Also today is the adjournment of the two day Federal Open Market Committee (FOMC) meeting. This is the first meeting under new Fed Chairman Bernanke’s reign. It is expected to bring another quarter-point hike to key short-term interest rates.
Jammu, March 27 : Hindu villagers who fled to towns in Jammu and Kashmir to escape the wrath of rampaging terrorists are “mortgaging” their children to make both ends meet, a legislator said Monday.
Several people fled from the hills of Udhampur district to towns like Reasi and Talwara to escape the wrath of the terrorists in 1998.
In that region, terrorists had savagely killed innocent Hindus living in remote areas with axes and stones and forced them to flee their homes.
Even after eight years, the government has not come to their rescue. In desperation, they are now “mortgaging” their children with rich families to buy food for themselves.
Balwant Singh Mankotia, a legislator from the Jammu and Kashmir National Panthers Party, made the startling allegation in the assembly. He drew attention to the “wretched condition” of the migrants. He alleged that government neglect had forced the migrants to virtually abandon their children and discard them as virtual “slaves”.
Mankotia gave the names of some children who have been mortgaged, their age varying from 10 to 14 years. He said at least 200 children had been “mortgaged”.
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