All Eyes on the Fed

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Another day to be wasted in the markets watching the Fed for their 2 pm (EDT) announcement. What crap. Of course like other ‘news’ one has to pay a bit of attention to it as everyone on Wall Street is placing heavy emphasis on it. Let’s face it–we aren’t doing one darned thing either before the announcement or after the announcement. The markets will take care of interest rates and so far this month the market is saying ‘lower’.

The yield on the 10 year treasury this morning is all the way down to 2.03% and there is no reason, on a global basis, to believe that this is an incorrect rate.  Even in the U.S. most of the economic data lately has been kind of weak–housing is atrocious with potential buyers and sellers more than content to just sit tight. Oil just keeps going down and down and now is at 6 year lows.

Our portfolios are doing just fine–and that is what we are focused on. We truly believe that portfolio construction is as important as the individual parts of the portfolio–if you are in REITs and MLPs likely you have gotten pummelled a bit–while preferreds and exchange traded debt have held up fairly well.

For now we hold the course on investing–awaiting new issues and bargains.

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