Reports to Watch
The week is full of key economic data from a variety of sectors.
- Manufacturing data kicks off the week with the Empire State Index on Monday, followed by the Philadelphia Fed Index on Thursday.
- Housing numbers will come from the NAHB Housing Market Index on Monday, Housing Starts and Building Permits on Tuesday, and Existing Home Sales on Friday.
- Although not an economic report, the Fed’s Beige Book will be delivered on Wednesday.
- As usual, Weekly Initial Jobless Claims will be released on Thursday.
Last week, geopolitical tensions in Syria and North Korea kept a lid on the major Stock indexes, while boosting Bond prices and lowering yields. This caused home loan rates to match 2017 lows and remain historically attractive.
This week, it will be important to see if tensions with North Korea and Syria continue and also if relations between the U.S. and Russia will remain strained or be mended.
In addition, last week President Trump said that he favors low interest rates and that the dollar was too strong. We usually don’t hear a sitting president make comments on interest rate policy and the currency markets, but if he continues that rhetoric, it could also help push home loan rates lower.