Published Date 8/23/2024
At 9:30 am ET this morning the DJIA opened +173, NASDAQ +132, S&P +30. 10 year at 9:30 am 3.84% -2 bps. FNMA 5.5 30 year coupon at 9:30 am +6 bps from yesterday’s close and -5 bp from 9:30 am yesterday.
At 10:30 am the DJIA +418, NASDAQ +308, S&P +67. 10 year note at 10:30 am 3.82% -4 bp, 2 year note 3.96 -5 bp. FNMA 5.5 30 year coupon at 10:30 am +21 bps on the day and +14 bps from 9:30 am.
Chairman Powell spoke at 10 am, prior to his comments markets were expecting a 25 bp cut in the FF rate at the September 18th meeting. Started by saying the monetary policy will depend on incoming data, not anything different than what he has said previously and what most other fed officials have been saying. His confidence is increased that inflation is slowing. The labor market has cooled and not a factor in inflation. The Fed will do what it can to support a strong labor market. Inflation has increased because of the pandemic, now moving closer to the Fed’s target. He said he is comfortable with the outlook of inflation. The balance of risk to inflation is coming down, the risk of unemployment still a factor but the labor market is softening. The economic distortions caused by the pandemic are dissipating. At the end of it, rate cuts are data dependent.
Between now and the FOMC meeting on the 18th of September, one employment report, three key inflation reports.
July new home sales at 10 am expected at 628K but increased to 739K and June sales were revised from 617K to 668K. On a month/month basis sales increased 10.6% in July from -0.60% in June and +5.6% year/year. The median price in July $429,800 down from $435,800 one year ago.
Source: TBWS
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Millenium Home Mortgage, LLC NMLS # 51519 Licensed by the NJ Department of Banking and Insurance, CT Mortgage Banker 1st and 2nd Mortgages Licensed as MHM Home Mortgage, Licensed by the Pennsylvania Department of Banking. All interest rates, fees and programs are subject to change without notice. THIS ENTIRE SITE IS NOT INTENDED AS A SOLICITATION FOR MORTGAGE LOAN CUSTOMERS IN NEW YORK, PENNSYLVANIA, OR CONNECTICUT.
NMLS: 65345
Millenium Home Mortgage LLC
211 North Ave East, Westfield NJ
Company NMLS: 65378
Office: 908-588-7601
Cell: 908-875-7918
Email: jgalayda@mhmlender.com
NMLS: 65345
Cell: 908-875-7918
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