• November 22, 2022
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Rosie 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

• November 21, 2022
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MBS 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

• November 17, 2022
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Domestic 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

• November 16, 2022
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Domestic 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

• November 15, 2022
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Rosie 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,

• November 15, 2022
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Monetary 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

• November 12, 2022
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“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

• November 13, 2022
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By: 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

• November 10, 2022
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Inflation continued to run near a multi-decade high in October as persistent prices squeezed millions of U.S. households and small businesses. The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in October from the previous month. Prices climbed

• December 19, 2022
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Owning a home is part of the American Dream, and as a mortgage lender, United Mortgage Corporation of America, we are motivated to do everything possible to make sure Americans of all ethnic, educational and professional backgrounds can qualify for a mortgage. Some borrowers may use an Individual Tax Identification Number (ITIN) instead of a