Published Date 6/21/2024
Yesterday the 10 year note yield increased 4 bps, this morning the note began down 4 bps. No serious news overnight but in Europe manufacturing and service sector FLASH PMI indexes were weaker than forecasts, (see below for the US PMI). That is it, no other news that has impact on US markets.
At 9:30 am ET the DJIA opened +20, NASDAQ -26, S&P -7. 10 year at 9:30 am 4.24% -2 bps. FNMA 6.0 30 year coupon at 9:30 am +1 bp from yesterday’s close and +4 bps from 9:30 am yesterday.
At 9:45 am June FLASH PMI manufacturing and service sector indexes; manufacturing index expected at 51.0 from 51.3, reported at 51.7, the service sector index thought to be 53.7 from 54.8, reported at 55.1. The composite of the two 54.6 from 54.5 in May. The market reaction increased the 10 year note yield up 2 bps and MBS prices down 1 bp.
At 10 am May existing home sales at 4.11 million against forecasts of 4.10 million, month/month -0.7%, year/year -2.9% from -1.9% in April.
Couple of Fed officials; Federal Reserve Bank of Richmond President Barkin, “My personal view is let’s get more conviction before moving”… “There are times where we will want to give forward guidance and have given forward guidance, this doesn’t feel like one of those times to me. It doesn’t feel like a forward guidance time.” Sounds like how he acted at his press conference. The Fed will be able to cut if inflation continues to cool as it did last month, Chicago Fed President Austan Goolsbee said.
Just four sessions this week with very little change from last Friday. The main event, May retail sales that were weaker than estimates. Next week promises to be more active with PCE inflation next Friday, June consumer confidence index, the University of Michigan consumer sentiment index, final Q1 GDP and June personal income and spending.
Source: TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: 38412
Northpointe Bank
8660 College Parkway, Suite 150, Fort Myers FL
Company NMLS: 447490
Cell: 239-470-6310
Email: cheidt@heidtfinancialllc.com
NMLS: 38412
Cell: 239-470-6310
9/27/2024
The dream of buying a home with friends can quickly turn into a nightmare when i... view more
9/27/2024
August inflation slightly better than the forecasts, except the annual core infl... view more
9/26/2024
Most Realtors would agree that if there were one thing that can send their buyer... view more
9/26/2024
Headline August Durable Goods Orders were 9.9% versus estimates of -2.6%...... view more
9/25/2024
Call it scoping out the competition or call it being nosy, but...... view more
9/25/2024
At 8:30 am ET this morning the 10 year note at 3.76% +3 bp, MBS prices down...... view more
9/24/2024
In the aftermath of devastating wildfires that have ravaged...... view more
9/24/2024
The Reserve Bank of Australia kept their key interest rate at 4.35%. For the sec... view more
9/23/2024
In a remarkable turn of events, the US housing market has witnessed a dramatic i... view more