Published Date 11/8/2024
Yesterday Powell and the Fed lowered the FF rate by 25 bps as was widely anticipated. It is six weeks before the next FOMC meeting (December 18th) the chatter about another rate cut from the Fed already circulating; some think so, others not so much but it is a long way to Tipperary. CMC FedWatch, a 67% chance of another quarter-point cut in December and a 33% chance of a pause that month.
At 9:30 am the DJIA opened +108, NASDAQ -10, S&P +8. 10 year at 9:30 am 4.31% -3 bp. FNMA 6.0 30 year coupon at 9:30 am +6 bps from yesterday’s close and +19 bp from 9:30 am yesterday.
The only data today, the University of Michigan mid-month consumer sentiment index expected at 70.8 from 70.5 in October, the index jumped to 73.0.
It may not feel like it after the volatility this week but this week yields declined for the first time in four weeks. Next week inflation data from CPI and PPI and Treasury’s October budget statement, October retail sales and October import and export prices.
Today is shaping up to be quiet after the very volatile week. There is still a pall hanging over markets although that initial fear of screaming inflation has dissipated and with the rate cut yesterday and some belief another one will happen in December the panic has lessened.
Source: TBWS
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Darren Orshoff is a Marketing and Real Estate professional, licensed Realtor with the California Department of Real Estate DRE#01803671 with WSR Real Estate DRE#01977642. Darren is also a Certified Mortgage Planner, A Certified Financial Literacy Coach, A Dave Ramsey Trained Financial Coach, A Certified Mortgage Advisor, and while Darren is licensed by the NMLS, he is not originating loans but refers lending transactions to Golden Empire Mortgage, Inc. ("GEM") [NMLS ID No. 2427] licensed by the Department of Financial Protection and Innovation pursuant to the California Residential Mortgage Lending Act, for which he represents as the Corporate Marketing Coordinator.
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