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Where the jobs are for the graduates of the class of 2014. First, to sue, who gave a very good commencement address at merritt a week or so ago. It was. It was a wonderful day for me, ty. We have breaking news on the fed an the economy in just under an hour from now. So were going to begin with the unintended consequences of the fed and its easy money policies. Yields in the benchmarks plunging 15 this year, now holding the 2. 60 . Mortgage rates at the lowest level in a year, but thats not helping housing. Diana olick has details on that. Hi, diana. Reporter hi, sue. The sxekdation was they lower rates would boost mortgage volumes, even if it was only refinances, but that did not happen form the average contract rate on a 30year fixed fell to 4. 26 last week. Thats the lowest in a year for the highest quality borrowers, the rates were nearing 4 . Jumbo and fha loan rates even lower, but no reaction on the application side. Refinances down 3 week to week, and applications to purchase a

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