Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
MBS OVERVIEW
Three Things: These are the three areas that have the greatest ability to impact your backend pricing this week. 1) Jobs, Jobs, Jobs, 2) The Talking Fed and 3) Rosie the Riveter
1) Jobs, Jobs, Jobs: We get a ton of job and wage related data this week culminating in Big Jobs Friday. Challenger Job Cuts, Initial Weekly Jobless Claims, ADP Payrolls, JOLTS, Non Farm Payrolls, Unemployment Rate, Average Hourly Earnings and key employment measures in several ISM reports.
2) The Talking Fed: On Wednesday we will get the Minutes from the last FOMC meeting. This is the meeting where they kept their key interest rate unchanged and had a unanimous vote even though we had a lot of chatter leading up to that meeting calling for a hike. So, the bond market is very interested in some more color as to what the Fed discussed.
3) Rosie the Riveter: After last week’s weaker than expected regional Chicago PMI, the markets will be focused on the small-med sized manufacturing report, Markit Flash PMIs and our headline large business manufacturing report, ISM Manufacturing. We also get Factory Orders and Services (Non Manufacturing) ISM.
Wednesday weekly MBA apps and FOMC minutes will be released. Thursday ADP jobs for June. Friday BLS employment data for June.
The stock indexes were flat today, generally unchanged.
The lack of volume today exaggerated the movement in rates although the path is for higher with the Fed intent to increase rates. Other key central banks also on track increasing their rates to snuff out inflation that has declined but still over twice as high as Powell wants to see. The idea of achieving 2.0% inflation won’t occur this year if the economy continues to hold steady.
