It’s Bill Rapp, the Mortgage Viking here, let me tell you about what the Good Ole Boys on Wall Street are talking about today…
The soft tone evident on Monday is carrying through to today’s open as the Treasury market prepares for an onslaught of new issuance the next three days. The Treasury will sell $84 B of debt beginning with a three-year auction today and the sales are likely to keep yields elevated. President Trump hosted Fed Chair Powell at a White House steak dinner last night; a Fed statement said Powell’s comments were limited to the economy’s performance and outlook, not monetary policy plans.
Factory Orders kicked off the start of post shutdown government releases, and though the data is stale—from November—it confirms recent weakness in the ISM Manufacturing PMI.
It looks like we’ll get the first look at Q4 GDP next week, current consensus is looking for 2.6%, down from 3.4% in Q3.
That is all for today, please do not forget to subscribe and share this post if you found it useful!
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