June 6, 2023 – Economic News

• June 6, 2023
• realestatelife
• Business & Markets, Fed, Interest Rates, Politics & Economy, Rates, Real Estate, Real Estate Finance, Recession, World News, Your Real Estate Life

MBS OVERVIEW

4:00 pm EST – Our benchmark FNMA MBS 6.00 June Coupon is up +6 BPS with 60 minutes left to trade.

Optimism?: The June IBD/TIPP Economic Optimism Survey came in at 41.7 vs May’s level of 41.6, so it remains extremely low. The expectations were for 45.2

Central Bank Palooza: The Reserve Bank of Australia decided to increase their key interest rate from 3.85% to 4.10% which was not expected after they signaled at their last meeting that they were likely to pause at this meeting.

On Deck for Tomorrow: Bank of Canada Interest Rate Decision, Weekly Mortgage Applications, Trade Balance

Nothing of substance today; interest rates flat at the long end of the curve, stock indexes quiet. There wasn’t any news that financial markets were concerned with. MBS prices and the 10 yr note about to end the day generally unchanged.

The news today, the PGA, LIV, and DP World Golf agreed to merge. It was a surprise with lawsuits flying around between PGA and LIV. Only golfers and golf fans were interested, but golf stocks did improve. It consolidates the biggest assets in professional golf—at a time when golf bodies including the Tour are being investigated by the Justice Department for antitrust violations. The willingness of the PGA Tour to take money they had derided drew bipartisan skepticism from Washington lawmakers.

Tomorrow weekly MBA mortgage applications and April consumer credit in the afternoon.