The employment report this morning capped a week full of economic data that continues to paint a mixed picture of domestic growth. First, earlier in the week, we saw tepid PCE inflation and spending. Then, midweek we saw moderate ISM surveys, with strong growth but weakness in the non-manufacturing sector. Lastly, this morning the jobs growth was strong and unemployment is at a 16-year low.
Mortgages sold off in a big way initially this morning but recovered in the afternoon to finish down -14 bps for the day, and up overall for the week. Next week, Monday, Tuesday and Wednesday will be relatively slow but Thursday brings PPI and Friday the Consumer Price Index. Look for continued range-bound volatility barring any geo-political surprises, especially out of North Korean tensions.
Mortgages sold off in a big way initially this morning but recovered in the afternoon to finish down -14 bps for the day, and up overall for the week. Next week, Monday, Tuesday and Wednesday will be relatively slow but Thursday brings PPI and Friday the Consumer Price Index. Look for continued range-bound volatility barring any geo-political surprises, especially out of North Korean tensions.
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