Good Morning on this terrific Monday,

Stocks up huge (Dow +1100) on some optimistic news from President Trump and NY Governor Cuomo over the weekend. The hope is that the Covid-19 cases are cresting. Unfortunately, the deaths are not and those are expected to climb for some time. Traders, I assume, are feeling like this could be a step forward. I hope so but am not as optimistic. I don’t think we are out of the woods yet. Janet Yellen on CNBC today talking about Q2 GDP at -30. How do stocks jump on that kind of news? Just doesn’t make sense. I think the new normal is much less economic activity for likely 12-24 months. Reports over the weekend already show economic output down by 29%. That’s in less than 30 days, folks. Just incredible how quickly pulling the emergency brake stopped the country. I would not be surprised to see the Dow test the previous lows. Bonds are more or less flat today and as long as the FED is controlling the bond market, things will remain flat. Mortgage pricing though will stay conservative until the government provides more liquidity to servicers. There is minimal economic data this week ahead of the Easter holiday. Of course the unemployment numbers on Thursday will be interesting.

The best advice of late is when you see a rate that will work for your customers, lock it.

Please, please stay safe and healthy.

With each new day, it is one less day we are dealing with this. It will pass.

Make today great!