Today's mortgage rates are on the rise, following stronger than expected data. The producer price index rose 1.8%, higher than the expected increase of 0.9%. The core, which excludes volatile food and energy, rose 0.5%, higher than the 0.1% increase expected. As well retail sales rose 0.6%, when 0.4% increase was expected.

While the U.S. stock market last Thursday was not patriotic, we do believe in instant gratification when it comes to investing or doing business. However, we need to give the stock market some more time for correction. Chief Market Strategist Alfred Goldman at Wells Fargo thinks so too.

Larger-than-expected 467,000 jobs are cut in June. This drives the unemployment rate up to 9.5 percent.

According to the WSJ, securities firms are set to log their most lucrative financial performance since the credit crisis erupted. The article mentions that the usual suspects such as JP Morgan, Goldman Sachs, Morgan Stanley and Bank of America are banking huge profits.

Yesterday's Fed meeting yielded no surprises. The Fed said it would keep interest rates near zero "for an extended period" and would proceed with its previously announced plans to buy up to $300 billion in long-term US Treasuries by autumn and up to $1.25 trillion in MBS. Meanwhile, over the pond, the ECB injected an unprecedented $622 billion in one-year liquidity to boost its sagging economy.

Despite signs of economic improvement, unemployment continues to rise in the United States and could cost the Democrats.

Several pieces of economic data have hit the tape this morning worth mentioning, most of them pointing to a slowdown in the rate of deterioration in the economy. The good news is that Jobless claims sink by 24,000.

What has caused the current economic crisis. As soon as you have read the explanation, I would expect that you will find it to be blindingly obvious, and you may wonder why you have not heard it before. Despite this, to my knowledge, nobody else has identified or written about the real underlying cause of the economic crisis.

Faced with growing criticism that he is not doing enough to assist the ailing economy, President Barack Obama unveiled a plan to increase spending on public works projects and create or save up to 600,000 jobs this summer.