Rates Up Again on Strong Economic Reports
29 January 2008
Bonds were down today on stronger than expected economic data.ﾃつ Rates will increase today by at least .375 to the points.
December’s Durable Goods Orders and the Consumer Confidence Index (CCI) both came in stronger than expected, with Durable Goods posting a 5.2% jump over an expected value of 1.5%.ﾃつ CCI came in at 87.9 vs. an expected reading of 87.0.ﾃつ ﾃつ These reports are negative for mortgage rates as they show stronger than expected manufacturing sector activity as well as stronger than expected consumer confidence.
Tomorrow will be focused on the results of the first Fed meeting of the year. The markets expect no change, but will be focused on the Fed’s outlook on the economy in general.ﾃつ ﾃつ We’ll also see the results of the 4Q GDP, a key measure of economic growth.
Sphere: Related Content
No comments yet