Warren Buffett Comments
Bonds were a big mover today with lower interest rates. Stocks moved up on all the news, irrationally, of course.
The Dollar stood still
Oil and gasoline went back up into the $70/barrel range
Gold closed at the important technical barrier of $940/ounce.
In the news…..
Warren Buffett – was interviewed yesterday and announced there is no recovery in our economy. He also said that the danger of deflation is not present any longer, but the danger of inflation is real. He felt that inflation was not going to hit this year or next, but would come in 2 years.
Banks are raising fees – and they are using, as an excuse, the new regulatory requirements being put on them by the government. These changes haven’t even happened yet, but the banks are raising fees anyway now. So, the cost flows down to the little guy…
The FED – will keep the FED Funds Rate at zero to 0.25% for the foreseeable future. This is the latest from the FED meeting.
Jobless Claims rose – 15,000 last week to 627,000. This rise is bad news for the economy as it shows that companies will be cutting jobs even as the economy stabilizes.
Here are the last numbers for today:
Dow Jones 30 Industrial – 8473 (up 173 points)
10 Year Treasury Bond – 3.55% (down 0.15%)
Euro – $1.3990
Gold – $940 (up $5)
Oil – $70.23 (up $1.26)
Gasoline $1.90 (up $0.06)