Stay updated with breaking news from Import price. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
On the average day in the mortgage market, the average lender will offer the same mortgage rate terms for the entire day.  It's only when the underlying bond market moves enough that lenders will make mid-day adjustments.  Today was one of those days and it involved a reprice to slightly higher levels. For now, this is still fairly inconsequential.  Apart from yesterday (or this morning, for that matter), the average lender would still be at the lowest levels since early April.  Instead of being a hair below 7%, the average top tier conventional 30yr fixed is now a hair above. Today's bond market weakness began after this morning's Import Price data came out much higher than expected, but it continued at a gradual pace through the rest of the day.  This could suggest that the stronger vibes from Wednesday's inflation data have run their course and the rate market will now consolidate as o ....
Gradual Weakness All Day And a Quieter Calendar Ahead
Today brought the last of the scheduled economic data until the end of next week.  Even then, the data won't be too relevant for at least 2 weeks when the next PCE price index comes out.  Ironically, we've always considered Import Price data to be in the "not too relevant" category, but it appears to have challenged that notion today, thanks in large part to the massive gap versus expectations (0.9 vs 0.3). With that, a number usually disregarded as noise was suddenly worth a small bump in forecast for PCE.  Initial weakness was modest and it leveled off quickly, but the rest of the day saw a slow, directional leak that left MBS down a quarter point.
Econ Data / Events
....
China Polycarbonate Import Research Report 2024: Sources globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
Stocks and bonds rally after soft CPI boosts Fed rate cut bets - Newsquawk US Market Wrap zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Xinhua world economic news summary at 0900 GMT, May 14 bignewsnetwork.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bignewsnetwork.com Daily Mail and Mail on Sunday newspapers.