Mortgage rates hope to avoid the slaughter as markets starve for data 🦃🔪📉
The Week Ahead
WEEK AHEAD 🗓️
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With the government shutdown behind us, and the December rate cut “not a foregone conclusion”, markets hoped the backlog of economic data could tip the scales in one direction.
Unfortunately, the September Non-Farm Payroll employment report that was released Thursday (originally scheduled for October 3) gave mixed signals.
All together it did little to quench the thirst for clarity.
In the end last week was again sideways, which has been the story thus far in November.
This week markets are closed Thursday for the Thanksgiving holiday, but on Wednesday PPI and Retails Sales data could give investors something to chew on (besides a turkey leg) in the absence of rescheduled PCE inflation.
Since NFP employment data is survey driven, the Bureau of Labor Statistics has cancelled the October report.
The BLS also announced that the November NFP, which was originally scheduled for December 5th, will now be released on the 16th.
This pushes the closely watched employment report until after the Fed’s December FOMC meeting (Dec 9 - 10).
With nothing scheduled on Monday, markets closed on Thursday, and Friday’s focus more on food-comas than finance, it looks like an unfulfilling week for mortgage rates – hopefully the opposite will be said about your Thanksgiving dinner.
**Events marked purple have been rescheduled as a result of the shutdown.
Monday I will take a deeper look at how mortgage rate prices, bond spreads, and longer-term trends are unfolding in my Mortgage Rate Data Deluge.
The latest Lock-O-Meter risk scores and rate lock recommendations will be posted with it.
Thanks for reading.
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