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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
All three of the major U.S. averages rose on Wednesday after the minutes of the Federal Reserve’s October meeting showed policymakers foresee a slowing of future rate hikes. Consumer discretionary names led the gains while energy lagged after oil fell 3.7% to $77.94 per barrel.
READ MORERosie the Riveter: The November Richmond Fed Manufacturing Index showed contraction at -9 vs. est. of -1 The Talking Fed: Today we hear from Loretta Mester., Esther George and James Bullard. Treasury Dump: We get the last auction of the week with today’s 1:00 7 year note auction. Interest rates fractionally better this morning in
READ MOREMBS OVERVIEW Three Things: These are the three areas that have the greatest ability to impact your backend pricing this week: 1) Central Bank Palooza, 2) The Talking Fed and 3) Domestic Flavor 1) Central Bank Palooza: We will get key interest rate decisions from China and New Zealand. NZ is expected to raise their
READ MOREDomestic Flavor: Taking it to the House: October Building Permits were higher than expected, 1.526M vs. est. of 1.512M. Housing Starts also beat to the upside, 1.425M vs. est. of 1.410M. But both were lower than the annualized pace of September. On the real housing market side of things, SFR Building Permits dropped for the
READ MOREDomestic Flavor: Taking it to the House: Weekly Mortgage Applications were actually up 2.7% thanks to a nice bump in Purchase Applications of 4.4%. Refinance Applications continued their free-fall with another -1.6% decline. The November NAHB Housing Market Index was dismal at 33 vs. est. of 36 Retail Sales: The Headline October Retail Sales were
READ MORERosie the Riveter: We got a welcome upside surprise in the NY Fed District as their Nov Empire State Manufacturing Index was back in positive territory for the first time since July. It came in at +4.5 vs. est. of -5.0 Inflation Nation: October headline Producer Price Index (final demand) was much lighter than expected,
READ MOREMonetary policy has a lag. Just because we get an inflation report that indicates we have turned the corner does not mean the journey is close to an end. I believe Powell has that “old-time inflation religion.” But there are several paths to his goal. One is the band aid approach of 75 basis points
READ MORE“The CPI news on Thursday caused the largest single-day bond rally I have ever seen in my career, as the 10-year bond yield fell a stunning 33 basis points (down to 3.81%). What was that CPI news? “The headline rate year over year was +7.7% whereas in September it was +8.2%. “The core rate was
READ MOREBy: Matthew Graham Heading into this week, we knew that Thursday’s Consumer Price Index (CPI) would be critically important. It did not disappoint. CPI is one of two key inflation reports in the US. PCE (Personal Consumption Expenditures) is the other big index, but because CPI comes out 2 weeks earlier, it gets almost all
READ MOREHiring in the U.S. remained solid in October, presenting challenges for the Federal Reserve’s inflation fight. Employers added 261,000 nonfarm jobs, more than expected and in line with the previous month’s 263,000. The unemployment rate edged higher to 3.7%, up from 3.5% in September. Hourly pay remained brisk rising at 4.7% year over year, matching
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