Published Date 1/12/2024
December producer prices released at 8:30 am ET, prior to the release the 10 year note yield at 4.01% +4 bps. Inflation declined from estimates, initial reaction dropped the 10 year note from 4.01% to 3.96%. PPI month/month expected +0.2% declined 0.1%, and down 0.1% from November, year/year expected +1.3% increased just 1.0%. Core PPI (ex-food and energy) month/month expected +0.2% reported 0.0%, year/year forecasts +2.0% but increased 1.8%.
Yesterday’s CPI was slightly hotter than forecasts but was ignored with outlooks for Fed rate cuts remains strong. By the end of yesterday the 10 declined 6 bps and MBS prices increased 36 bps.
JPMorgan, Bank of America Corp, Citigroup, and Wells Fargo & Co. — are all reporting results today. The kickoff to earnings season that will continue for a month with businesses rolling out Q4 results. Citi’s Jamie Dimon reminding that the continued increase in government spending “may lead inflation to be stickier and rates to be higher than markets expect.”
The US and UK struck multiple Houthi targets in Yemen retaliating against recent Red Sea attacks on commercial shipping routes. The US warning there will be more coming unless Iran-backed Houthis back off, meantime Houthis saying they will increase attacks. Crude oil in early trade increased over $3.00. Gold prices up over $21.00 at 9 am.
At 9:30 am the DJIA opened +55, NASDAQ +36, S&P +16. 10 year note at 9:30 am 3.94% -3 bps from yesterday. FNMA 6.0 30 year coupon at 9:30 am +7 bps from yesterday’s close and +37 bps from 9:30 am yesterday.
There isn’t anything left on the calendar today.
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.
Millenium Home Mortgage, LLC NMLS # 51519 Licensed by the NJ Department of Banking and Insurance, CT Mortgage Banker 1st and 2nd Mortgages Licensed as MHM Home Mortgage, Licensed by the Pennsylvania Department of Banking. All interest rates, fees and programs are subject to change without notice. THIS ENTIRE SITE IS NOT INTENDED AS A SOLICITATION FOR MORTGAGE LOAN CUSTOMERS IN NEW YORK, PENNSYLVANIA, OR CONNECTICUT.
NMLS: 65345
Millenium Home Mortgage LLC
211 North Ave East, Westfield NJ
Company NMLS: 65378
Office: 908-588-7601
Cell: 908-875-7918
Email: jgalayda@mhmlender.com
NMLS: 65345
Cell: 908-875-7918
6/21/2024
Yesterday the 10 year note yield increased 4 bps, this morning the note began do... view more
6/20/2024
The Swiss National Bank lowered their interest rate from 1.50% to 1.25%. The Peo... view more
6/17/2024
There’s a buyer for every home. Or is there?... view more
6/17/2024
These are the three areas that have the greatest ability to impact rates this we... view more
6/14/2024
When the scale of your furniture reflects IKEA instead of...... view more
6/14/2024
At 8:30 am ET more good news on May imports and export prices. Imports expected ... view more
6/13/2024
The May headline Producer Price Index (PPI) contracted by -0.2% versus estimates... view more
6/12/2024
Pickleball. The sport became a thing in the summer of 1965, when its founders...... view more
6/10/2024
Price per square foot. It’s a measure used mostly in the construction industry. ... view more
6/10/2024
These are the three areas that have the greatest ability to impact rates this we... view more