Talk about a busy day in the Outer Banks Mortgage business... There is quite a bit of activity which is nice (good news). We have a corporate trainer visiting the Outer Banks today (another good thing - education is key in these crazy changing times) and the economic calendar is loaded today. Seven major reports are due out today - the first at 8:15 and culminating with the Fed announcement on potential rate cuts at 2:15 this afternoon.
Vegas odds (a joke but not that far from the truth) has the rate cut at 1/4% which would bring prime down to 5%. Many expect this to be the last cut for some time - mainly because of increased inflation fears. I am not so sure if this will be it - most of the inflation is in the food and energy sectors and these are usually not given as much weight. I am leaning towards 1/4% cut today and maybe one more before the summer heats up.
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