Published Date 8/28/2024
Today started unchanged in markets, yesterday also essentially unchanged. The focus remains on Friday’s July PCE inflation report that is expected to increase slightly.
The only data today, weekly MBA mortgage applications. Total apps +0.5% from the prior week’s decline of 10.1%, purchase apps last week +0.9% from -5.2%, re-finance applications declined 0.1% after slipping 15.2% the prior week.
At 9:30 am ET the DJIA opened -5, NASDAQ -3, S&P –1. The 10 year also unchanged from yesterday at 3.83%. FNMA 5.5 30 year coupon +1 bp from yesterday and +20 bp from 9:30 am yesterday.
At 1 pm Treasury will sell (borrow) $70B of 5 year notes. Yesterday the 2 year auction found good demand.
It is unlikely there will any movement in US financial markets today with little news (stock indexes waiting for NVidia to release earnings). Markets still focused on Friday’s inflation report and tomorrow’s weekly jobless claims.
Source: TBWS
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NMLS: HMAC #1165808
Home Mortgage Alliance Corporation (HMAC)
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Company NMLS: 1165808
Office: 800-900-7040
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Web: https://homemac.com
NMLS: HMAC #1165808
Cell: 310-980-7157
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