| Last | Change | Percent | |
| S&P Futures | 1549.2 | 0.1 | 0.01% |
| Eurostoxx Index | 2687.4 | -21.5 | -0.79% |
| Oil (WTI) | 93.4 | -0.1 | -0.11% |
| LIBOR | 0.284 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 82.77 | -0.014 | -0.02% |
| 10 Year Govt Bond Yield | 1.95% | -0.01% | |
| RPX Composite Real Estate Index | 191.8 | -0.5 |
Markets are flat this morning after Oracle's miss. Initial Jobless Claims came in at 336k, more or less in line with last week. The Markit PMI came in a little better than expected. Bonds and MBS are up small.
Nothing earth-shattering came out of the FOMC statement or the press conference yesterday. In the projections section, they have taken down the GDP estimate for 2013 slightly, moving the top end of the range from 3.0% to 2.8%. They also have decreased 2013 unemployment estimate a little, taking the range midpoint from 7.55% to 7.4%. Whether that is being driven down by a pessimistic labor force participation rate or optimistic hiring plans is unclear. Overall, it was a "steady as she goes" sort of statement. People who want to compare this statement with the previous one can do so here. Bernake's body language suggested that he isn't interested in staying on after his term expires in Jan 2014. Early favorite to replace The Bernank: Geithner. Janet Yellen and Larry Summers are the other names mentioned.
The FHFA House Price Index increased .6% in January, just missing the +.7% estimate. New England fell .7%, while the Pacific division rose 1.6%. The index focuses solely on houses purchased with conforming loans, so in some ways, it is more of a "central tendency" index in that distressed and jumbos are excluded.
Chart: FHFA House Price Index:
Ellie Mae's Origination Insight Report showed that the purchases increased from 27% to 32% of all originations as interest rates backed up last month. FHA increased its share to 20% while conventional fell to 71%. Days to close fell from 54 days to 50, and it appears that credit is starting to ease up a bit as the average FICO fell from 749 to 745. Pull-through increased to 56.8% from 55% in January.
Signs of life in the private label market: JP Morgan is marketing a $616MM prime RMBS offering, its first post-crisis deal. Everbank is marketing a $308.4MM offering. I don't see anything on EDGAR yet, so I'll try and get a flavor of what they are selling and pass it on.
The Senate passed a continuing resolution to keep the government funded through the end of its fiscal year. The House is expected to vote on it today. Some of the sharp edges of the sequestration were filed down in the process. No one is expecting a government shutdown. On to the debt ceiling in August.
Market darling Lululemon has a transparency issue. No not that kind..
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