Markets calm after minor revisions to the Consumer Price Index by the Bureau of Labor Statistics

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Published Date 2/9/2024

There isn’t anything on the calendar today, markets now focusing on next Tuesday’s January CPI. The BLS issued annual revisions to CPI, there was trepidation about the revisions yesterday after last years revisions revealed inflation was stronger than what the month/month report had reported. The revisions were right on what the month/month reports had reported, inflation at 3.3% excluding food and energy. The annual revisions by BLS adjusts monthly reports to take into account seasonal factors, a year ago revisions shook markets and the Fed showing inflation higher than what had been released, this year no major revisions.

The market after the release didn’t change, the 10 year traded unchanged from yesterday at 4.16%, MBS prices unchanged at 9 am.

At 9:30 am the DJIA opened -31, NASDAQ +49, S&P +4. There has been a lot of chatter recently about the S&P and its ability to break above 5.000, on the open 5,004. The 10 year note yield in a thin market began down 2 bps, by 9:30 am the note traded up 2 bps at 4.18%. FNMA 6.0 30 year coupon at 9:30 am -4 bps from yesterday’s close and -12 bps from 9:30 am yesterday.

Iran threating the US with retaliation for the recent strikes against their proxies, this morning crude oil up $5.00/barrel, a big increase.

There isn’t anything the rest of the day that will change much, all focus now on next Tuesday’s CPI inflation data. At 4.18% the 10 year note is knocking on the door at 4.20% the highest yield since mid-December. The rest of the session absent any surprises will be quiet.

Source: TBWS

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All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

This communication (including attachments) is for information purposes only. It is not an offer, solicitation, recommendation, or commitment for any transaction or as a confirmation of any transaction.  Bobbie Jo Haggard, NMLS #92472; Heartland Mortgage Inc, NMLS #3205; Office: (509) 529-3280; Licensed to business in Washington & Oregon; NMLS CONSUMER ACCESS WEBSITE:  HTTPS://www.NMLSConsumerAccess.org

Bobbie Jo Haggard

Loan Officer / Mortgage Specialist

NMLS: #92472 - Washington & Oregon

Heartland Mortgage Inc.

30 S Palouse Street, Walla Walla WA 99362

Company NMLS: #3205

Office: 509-301-1661

Cell: 509-301-1661

Email: BobbieJo@HeartlandMortgageInc.com

Web: https://www.WallaWallaMortgage.com