00:06 John Hyland

It’s time for Yahoo Finance’s market minute. I’m John Highland.

00:09 John Hyland

I want to kick things off today with mortgage rates. We just got the latest data from Freddy Mac that showed the average fixed year 30 rate actually jumped 11 basis points this week to 6.22%.

00:19 John Hyland

That of course adding more pressure to the housing market and it comes as the Fed has to grapple with its inflation problem.

00:24 John Hyland

If you flip up the uh board, you’ll see that the metals market’s under pressure today. Traders are rethinking the outlook for rate hikes this year or for rate cuts, I should say, potentially hedging for 2027 for a rate hike.

00:32 John Hyland

Um so what does strict monetary policy mean? It means gold below $5,000 an ounce. You’re seeing that today. There were earlier calls this year to see gold at 6,300, but that might not be happening.

00:39 John Hyland

And then just slipping the board up, we are seeing risk assets under pressure today as well. Bitcoin falling below that $70,000 mark. Yesterday it had its worst day in three weeks.

00:46 John Hyland

And we’re seeing the war in Iran continue to weigh on broader markets as a whole.

00:51 John Hyland

I’m John Highland and that is your Yahoo Finance market minute.