Economic Update (McLean's Market Musings)
Posted by: Jason McLean
on Jan 05, 2012
Happy New Year! Although many people use the beginning of a new year to start new good habits and try to quit the bad hits, the global economy just keeps trucking along. Despite the wish for a reset button, the global economy still faces the same troubles as it did at the end of 2011. The European debt crisis continues to middle along, although there was some slightly positive news in the bond auctions of Spain and France in the past week. Expect this situation to continue for the foreseeable future with the effect of depressed global economic demand being the main consequence.
The US is still in a load of debt trouble but since it has been in the situation for so long, the media is having way more fun concentrating on the political rhetoric that comes with an upcoming election. It is reasonable to expect more political gridlock as politicians running for election want to be seen showing the proper values for their respective voter demographics.
Fixed rates continue to be steady with slight movements downwards over the past couple of weeks. Variable rates still look unattractive compared to fixed rates at the moment. Although variable rates are slightly lower than the fixed rates, the potential for future increases makes the risk/reward equation favor fixed rates. This is a continuing consequence of tightening bank-to-bank credit as institutions remain less likely to lend funds than they were in early 2011.
The Canadian dollar remains at around $0.98 with periods of volatility providing buying opportunities for those looking to buy or sell Canadian dollars.
Jason McLean
604-935-9190
jason@garibaldimortgage.com

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