Last Week:
Mortgage bond prices softened last week, causing mortgage rates to post a small rise ahead of the holiday weekend. Inflation fears, stoked in large part by $130 oil, continue to weigh on both the stock and Bond Markets.
This Week:
A short week, with an active agenda on the economic calendar, could mean continued volatility. Consumer confidence and new home sales are first off on Tuesday, followed by a passel of second tier data mid-week. The high impact reports PCE (personal consumption Expenditures – a key measure ojf inflation at the consumer leve) and the Chicago Purchasing Managers Index (a proxy for manufacturing industry outlook and health) hit the tape Friday. Inflationary indicators may push rates up, while a poor Purchasing Managers Index may help rates ease down.
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