Pre Market

The markets in Asia are mixed with Shanghai down 4%. The European indices are very bullish. The all important FOMC announcement is today at 2:15et and how the traders of the capital markets react waits to be seen.

GDP numbers for the first quarter came in below consensus indicating slow economic growth. Analysts are of the opinion that this was the low end of the cycle and growth will pick up from here. The slowdown in housing and restrictions on mortgage credit continues to hae an adverse effect.

Worsening condition in the mortgage market have cause Carlyle Group to postpone an IPO of a mortgage fund. After the blowup in the Bear Stearns hedge funds, investors and traders are very wary about anything to do with mortgage backed securities no matter the yield.

Gold and silver prices are moving up this morning along with the price of crude oil.
The US dollar is moving down as is the Yen while the Euro is higher.

I expect a mixed open on the major US indices. I do not expect any direction till the FOMC announcement at 2:15pm.