This Place Looks Like a Pigsty !
Hello friends,
When it rains it pours. Domestically we're approaching expiration of most pandemic related restrictions, only to now be faced with fall out from ongoing conflicts overseas. While this past week did bring some positive economic data, financial markets will likely continue their turbulent ways for at least the immediate future. Lets take a look at what's going on.
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Jobs Report Surprises to the Upside
The economy added 678,000 jobs in February, far exceeding expectations. Also encouraging, the unemployment at 3.80% is approaching historic lows. The workforce participation rate (those employed or actively seeking work divided by the working age population) increased to 62.3%, however still reflects a labor pool several million less than pre pandemic levels.
Volatility Remains High in Equity Markets
Investors today are attempting to digest data related to domestic inflation, Eurasia invasion, sanction fallout, Fed rate hikes and ongoing supply chain shortages. Good luck. Significant swings in both the S&P and NASDAQ (mostly downward) appear likely to continue, at least until some form of a resolution in Ukraine is seen.
A Reprieve for Borrowers
Those seeking mortgage financing were the beneficiary this past week of pain felt by stock owners. Money departed risky stocks and poured into the safety of Treasuries, elevating prices and driving down yields. The national average on a 30 year fixed rate mortgage retreated for the first time in weeks, all be it slightly..
Emotional Support....Pigs?!?
Wyverne Flatt moved to Canajoharie in 2019 with his two dogs, two cats...and a pig. Ellie is a 110 pound Vietnamese potbellied variety, and code enforcement is not pleased. The town's stance is its a violation of local laws barring farm animals from the village. Mr. Flatt's counterargument is that Ellie is an emotional support animal, crucial to helping him remain off certain medications. ESAs are typically thought of as dogs and cats, however should Mr. Flatt find success during his day in court landlords should be ready for that narrow definition to expand.
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Steven Luttman
Broker/Owner SJLincoln Realty
35 Bath Street, Ballston Spa NY 12020
(518) 309-8584