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MARKET COMMENTARY

A weekly look at where mortgage interest rates are headed. A weekly Economic Calendar is also included.

Market Commentary

Last week saw mortgage rates fall slightly. Equities experienced a strong week with the S&P closing at a record high +17.71 to 2874.69. On Friday, Federal Reserve Chairman Jerome Powell made his debut at the KC Fed’s annual Jackson Hole summit. Mr. Powell delivered a message that signaled that the central bank plans on sticking to a gradual interest rate increase. He acknowledged the risks of “moving too fast and needlessly shortening the expansion, versus moving too slowly and risking a destabilizing overheating.” His remarks reinforced the Fed’s intent to operate independently of political pressure. None of that deterred bonds which saw the U.S. 10-year yield fall to 2.8098%.

This week brings quite a bit of data. Monday is rather light in terms of data, but Tuesday we receive Wholesale Inventories, Retail Inventories and the S&P CoreLogic 20-City MSA Index. Wednesday brings us GDP and personal Consumption. Thursday is a very heavy data day with Initial Jobless Claims, Continuing Claims, Personal Spending and Personal Income. Friday is a light day with the University of Michigan Sentiment in the morning, before we head into a long weekend.

Economic Calendar for the week of 08/27/2018 to 08/31/2018:

Monday: Chicago Fed National Activity Index and Dallas Fed Manufacturing Index
Tuesday: Wholesale Inventories, Retail Inventories, S&P CoreLogic 20-City MSA Index and Richmond Fed Manufacturing Index
Wednesday: MBA Mortgage Applications, GDP Annualized (QoQ), Personal Consumption, GDP Price Index, Core PCE(QoQ) and Pending Home Sales
Thursday: Initial Jobless Claims, Continuing Claims, Core PCE(YoY), Personal Spending, Personal Income and Bloomberg Consumer Comfort Index
Friday: Chicago Purchasing Manager Index and University of Michigan Sentiment
 
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