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Stocks are higher and Mortgage Bonds are lower so far this morning, but off their worst levels

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Stocks are higher and Mortgage Bonds are lower so far this morning, but off their worst levels.  It’s a relatively quiet economic news day, but the week heats up, highlighted with a bunch of housing data.  Tuesday we will get the Case Shiller Home Price Index, FHFA House Price Index, and New Home Sales.  On Wednesday, Purchase Applications and Durable Goods Orders will be released, and Thursday brings GDP, Claims, and Pending Home Sales.  Stay tuned this week !!

 

There was some Fed speak Last Friday of interest.  Narayana Kocherlakota said that the Fed still finds it appropriate to maintain the current target range for the Federal Funds Rate for a considerable amount of time after QE ends, especially if inflation continues to remain below 2%.  He also said that there was no change in policy intention, despite recent statements.  He remains a super dove and probably the most dovish among the Fed members.  Furthermore, Richard Fisher, who is more on the hawkish side, said that the Fed’s comments were “a bit sloppy”.  He wasted no time throwing her under the bus…

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About PhilJawny

Award winning mortgage banker with over 14 years of experience.

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