| Last | Change | Percent | |
| S&P Futures | 2059.1 | -7.1 | -0.34% |
| Eurostoxx Index | 3661.4 | -10.7 | -0.29% |
| Oil (WTI) | 42.2 | -1.3 | -2.90% |
| LIBOR | 0.27 | -0.001 | -0.18% |
| US Dollar Index (DXY) | 99.78 | 0.194 | 0.19% |
| 10 Year Govt Bond Yield | 2.02% | -0.03% | |
| Current Coupon Ginnie Mae TBA | 102.6 | 0.2 | |
| Current Coupon Fannie Mae TBA | 101.5 | 0.1 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.86 |
Stocks are lower this morning as we await the Fed's decision at 2:00 pm. Bonds and MBS are higher as worldwide sovereigns mount a ferocious rally. Oil continues its slide, down $1.20 a barrel to $42.26.
While the Street will undoubtedly focus on the removal of the word "patient" from the FOMC statement, Janet Yellen will probably stress that this change in language merely opens the door for a June rate hike, and does not mean they have already decided to do so. The Fed will remain data-dependent and will probably want to see some sort of rebound from the weather-driven weakness of Q1. It is interesting to see the US exit ZIRP when countries like Sweden are implementing NIRP, where the Riksbank cut rates to -0.25%.
Mortgage Applications fell 3.9% last week. Purchases fell 1.5% while refis fell 5.2%. This was the week after the jobs report where interest rates spiked to 2.24% and then slowly came back.
Macroeconomic bellwether FedEx reported better than expected numbers this morning, however it took down 2015 numbers based on dollar strength. This will probably become a bit of a trend as we enter pre-announcement season and the big multinationals take down their full year forecasts. Earnings season is only two weeks away.
No comments:
Post a Comment