Published Date 3/22/2024
This morning the 10 year note yield began 5 bps lower to 4.21%, MBSs in early activity +14 bps from yesterday. There are no economic releases today, next week the calendar is full.
It is clear now, for the moment anyway, the Fed has three rate cuts penciled in this year and Powell made a point that he sees no rate increases due to excessive inflation. I say for the moment because interest rates have mostly discounted rate cuts at current levels, if next Friday’s February PCE inflation increases no one will remember Powell’s pronouncements. Inflation is still a moving target.
European Central Bank President Christine Lagarde told euro-area leaders at a summit in Brussels that easing in euro-area inflation is expected to persist, thanks to the effectiveness of monetary policy. This week most all central banks joined the view that inflation will slow and most talk about rate cuts coming.
At 9:30 am the DJIA opened quietly, the DJIA +11, NASDAQ -17, S&P +1. 10 year at 9:30 am 4.21% -6 bps, FNMA 6.0 30 year coupon at 9:30 am +15 bps from yesterday’s close and +12 bps from 9:30 am yesterday.
Overlooked this week. The potential government shutdown unless the House votes on a $1.2 trillion spending bill. No sweat, it will get passed. The action is expected to go down to the wire, with a short partial shutdown furloughing some government workers possible if Congress doesn’t send the bill to President Biden’s desk in time. A weekend shutdown would mark the first lapse in appropriations since 2019. Rating agencies have lowered the US rate from AAA to AA+.
Source: TBWS
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.
Bank statement for Self Employed are our Specialty! JUMBO LOANS at Amazing rates!
NMLS: 914312
Jackie Barikhan - Summit Lending
15183 Springdale St, Huntington Beach, CA CA 92649
Company NMLS: 914312
Office: 949-855-0760
Cell: 949-600-0944
Email: jackie@mylenderjackie.com
NMLS: 914312
Cell: 949-600-0944
5/24/2024
It’s not hard to imagine how great it would feel. Buying a shiny new car to grac... view more
5/24/2024
Overnight the 10 year note yield edged up to 4.50% +2 bps. At 8:30 am ET April d... view more
5/23/2024
Initial Weekly Jobless Claims were lower than expected, Weekly Claims were 215K ... view more
5/22/2024
Spring has officially sprung. So aside from washing down the patio and dusting o... view more
5/20/2024
Value is — and always has been — in the eye of the beholder especially with the... view more
5/20/2024
These are the three areas that have the greatest ability to impact rates this we... view more
5/17/2024
This market. Call it what you will, because today’s homebuyers no doubt have all... view more
5/17/2024
After a week full of key data, today nothing but Leading Economic Indicators whi... view more