The release of last week’s inflation data has left this week with very few significant data updates. The most important information will come from various Federal Reserve members speaking on different topics. They have consistently emphasized that they will closely monitor the data to decide whether further rate cuts are needed in their upcoming rate decision meeting. Much of the market is optimistic that rate cuts will continue. Additionally, several smaller retail sales data releases are expected soon, which will provide insight into the current strength of the economy.
Retail Sales
Retail sales increased 0.4% in September, with strength in a broad range of categories that overcame weak gas and auto spending, the U.S. Commerce Department said Wednesday. Economists polled by the Wall Street Journal had forecast a 0.3% gain.
Primary Mortgage Market Survey Index
- 15-Yr FRM rates saw an increase of 0.22% with the current rate at 5.63%
- 30-Yr FRM rates saw an increase of 0.14% with the current rate at 6.44%
MND Rate Index
- 30-Yr FHA rates saw a 0.01% increase for this week. Current rates at 6.13%
- 30-Yr VA rates saw a 0.01% increase for this week. Current rates at 6.14%
Jobless Claims
Initial Claims were reported to be 241,000 compared to the expected claims of 260,000. The prior week landed at 260,000.
What’s Ahead
A surprisingly light week ahead once again, with only the Federal Reserve’s Beige book and S&P Preliminary numbers for the Producer Manufacturing Index.