Friday , 22 November 2019

Bigger-Picture Concerns Back to Forefront; Rates Shoot Significantly Higher

Heading into last week’s Fed announcement and economic data, the analysis was starting to get a bit gloomy. It wasn’t the first time I talked about the size and scope of 2019’s rally increasingly suggesting its demise, but like the rate spike in mid September, it was one of the more serious occasions. Now, 3 short days after yields seemed to be stampeding back toward all-time lows, here we are again at the same troublesome levels that prompted the doom and gloom 2 weeks ago. I could say something to the effect of “things are more serious this time,” and I could make a pretty compelling case for that. It would likely draw on the trade deal progress and the resilience in a few key pieces of recent economic data. But instead, I’ll say, things are AS SERIOUS now as they were last Monday. Where


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