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Logical Pull-Back on Tamer Tariff Talk, But Mortgages Outperform
Logical Pull-Back on Tamer Tariff Talk, But Mortgages Outperform
If there was only one event to be aware of on Friday, it was a Trump comment around 7:10am ET in which The President said that the recently-announced 100% tariff on China was probably not sustainable. Stocks, bond yields, and volumes spiked instantly and nothing much happened for the rest of the day. Fortunately for the bigger picture, Thursday's mid-day drama caused a big enough bond rally that Friday's pull-back only managed to erode about half the gains. The news is even better for mortgage rates. Lenders had a big enough cushion from Thursday's volatility that Friday's pull-back merely resulted in rates holding steady on average. That means the average lender is fairly close to September's lows which are close enough to the lowest rates in 3+ years.
Logical Pull-Back on Tamer Tariff Talk
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Oct 17 | |||||
| 12:00AM | Roll Date - Ginnie Mae 30YR | ||||
| 9:15AM | Sep Industrial Production (%) | Sep | 0.1% | 0.1% | |
| 12:15PM | Fed Musalem Speech | ||||
| Monday, Oct 20 | |||||
| 10:00AM | Sep CB Leading Index MoM (%) | Sep | 0.1% | -0.5% | |
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