Good Monday AM,

Stocks on a crazy tear today. Hopeful news on reopening, vaccines, etc., all coming together. The Dow is up 800+. I don’t understand why it is up, let alone up that much. It is taking a little toll on bonds with the 10-yr at .70%. Mortgage bonds were -28 early on and have now clawed back to even. Fed Chair Powell on ’60 Minutes’ last night trying to thread the needle. Not causing concern, but acknowledging the challenges ahead. I remember with former Fed Chair Greenspan talked about irrational exuberance in the equity markets and it feels the same now. Not a busy week for data this week other than Thursday when we see unemployment numbers. Friday is a half day for the markets and then next Monday is Memorial Day. Not much else to share today as I shake my head at the equity markets.

One new guideline worth mentioning is that due to the economic turmoil caused by the coronavirus, there is a temporary change in the window that Americans have into their credit files. You can now get free copies of your credit report from the three big credit bureaus each week (yes, weekly).

Please remain safe and stay healthy.
Make today great!