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  • Thu, Oct 5 2017
  • 4:26 PM » Dow ends at a record; S&P 500 posts best record streak in 20 years
    Published Thu, Oct 05 2017 4:26 PM by Market Watch
    U.S. stocks ended Thursday firmly in the green, adding to a series of records on the back of hopes around reforms to the tax code that could deliver a further fillip to assets perceived as risky like stocks. The Dow Jones Industrial Average closed up about 114 points, or 0.5%, at 22,775, while the S&P 500 index climbed 14 points, or 0.6%, at 2,552, posting its sixth straight record close. That marks the longest such string of all-time closing highs since the eight straight records in 1997, according to WSJ Market Data Group. The technology-laden Nasdaq Composite Index closed up about 50 points, or 0.8%, at 6,585. Technology and financial shares were among the best performing sectors on the day. Already in an uptrend, Wall Street got a midday boost after the House of Representatives passed a budget resolution--seen as setting the stage for an overhaul of the tax code. All three benchmarks finished at records for the third day in a row. In individual stocks, Netflix Inc. shares jumped 5.4% after the video-streaming giant raised the price of two of its memberships.
  • 2:18 PM » Falling foreign demand for Treasurys puts bondholders in ‘vulnerable' position
    Published Thu, Oct 05 2017 2:18 PM by Market Watch
    Demand for Treasurys has been noticeably slipping in Treasury auctions, according to Torsten Slok, chief international economist for Deutsche bank. This could signal a further slide in Treasurys as it prepares to start cutting its $4.5 trillion balance sheet in October.
  • 2:18 PM » Goldman: September Payrolls Preview
    Published Thu, Oct 05 2017 2:18 PM by Calculated Risk Blog
    A few brief excerpts from a note by Goldman Sachs economist Spencer Hill: We estimate that nonfarm payroll growth slowed to +50k in September , below consensus of +80k and the 3-month average pace of +185k. Our forecast reflects the widespread flooding and power outages caused by Hurricanes Harvey and Irma, which affected over 10% of the population and caused over $100bn in damages. The impact on tomorrow's report is highly uncertain, but our base-case assumes a significant impact of -125k that partially offsets continued job growth in the rest of the country. We also expect the hurricanes to weigh on the household survey results ... we estimate a rise [in the unemployment rate] to 4.5% ). Finally, we estimate average hourly earnings increased 0.4% month over month and 2.7% year over year, reflecting positive calendar effects. emphasis added CR Note: I posted an employment preview yesterday.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:12 PM » The Fed: Big banks get industry friendly regulator
    Published Thu, Oct 05 2017 12:12 PM by Market Watch
    The Senate on Thursday confirmed Randal Quarles, a former Republican Treasury official, to be the first-ever Federal Reserve vice chairman for supervision.
  • 11:50 AM » Trade Deficit at $42.4 Billion in August
    Published Thu, Oct 05 2017 11:50 AM by Calculated Risk Blog
    Earlier from the Department of Commerce reported : The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $42.4 billion in August, down $1.2 billion from $43.6 billion in July, revised. August exports were $195.3 billion, $0.8 billion more than July exports. August imports were $237.7 billion, $0.4 billion less than July imports. Click on graph for larger image. Exports increased, and imports decreased, in August. Exports are 18% above the pre-recession peak and up 4% compared to August 2016; imports are 2% above the pre-recession peak, and up 4% compared to August 2016. In general, trade has been picking up. The second graph shows the U.S. trade deficit, with and without petroleum. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products. Oil imports averaged $44.11 in August, up from $43.20 in July, and up from $39.38 in August 2016.  The petroleum deficit had been declining for years - and is the major reason the overall deficit has mostly moved sideways since early 2012.  The trade deficit with China increased to $34.9 billion in August, from $33.9 billion in August 2016.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:00 AM » The Fed: Fed's Harker says he has ‘penciled in' December rate hike
    Published Thu, Oct 05 2017 11:00 AM by Market Watch
    Philadelphia Fed President Patrick Harker said Thursday that he thinks a rate hike in December is likely but his decision depends on inflation dynamics.
  • 10:40 AM » US Consumer Comfort Declines by Most in a Year on Finances
    Published Thu, Oct 05 2017 10:40 AM by Bloomberg
    Bloomberg US Consumer Comfort Declines by Most in a Year on Finances Bloomberg Americans' confidence suffered its biggest weekly setback in more than a year as optimism about personal finances slumped, Bloomberg Consumer Comfort Index figures showed Thursday. Highlights of Consumer Comfort (Week Ended Oct. 1). Consumer ...
  • 10:16 AM » US factory orders rise; core capital goods orders revised higher
    Published Thu, Oct 05 2017 10:16 AM by CNBC
    The data suggested robust business spending could help offset some of the economic drag of Hurricanes Harvey and Irma.
  • 10:03 AM » Mortgage Rates Rise
    Published Thu, Oct 05 2017 10:03 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Rise
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:19 AM » Fed's Harker: Economy still stuck in 2 percent growth until tax reform goes through
    Published Thu, Oct 05 2017 9:19 AM by CNBC
    Patrick Harker is the president of the Federal Reserve Bank of Philadelphia and a voting member of the Fed's policy-setting committee.
  • 9:19 AM » U.S. jobless claims fall; impact of hurricanes on data lingers
    Published Thu, Oct 05 2017 9:19 AM by Reuters
    WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, but Hurricanes Harvey and Irma continued to impact the data, making it difficult to get a clear picture of the labor market.
  • 8:27 AM » Trump's Short List for Fed Chair Features These Hawks and Doves
    Published Thu, Oct 05 2017 8:27 AM by Bloomberg
    Bloomberg Trump's Short List for Fed Chair Features These Hawks and Doves Bloomberg Here's a look at the candidates President Donald Trump is considering over the next few weeks to nominate as chairman of the Federal Reserve and where they stand on monetary policy. Trump has met with Fed Chair Janet Yellen, National Economic ... and more »
  • 8:27 AM » How Much of Your Wealth is Tied Up in Your Home?
    Published Thu, Oct 05 2017 8:27 AM by www.builderonline.com
    Data from the Federal Reserve Board's Survey of Consumer Finances shows that answer varies by race and ethnicity.
    Click Here to Read the Full Article

    Source: www.builderonline.com
  • 8:24 AM » A big bond move could be around the corner
    Published Thu, Oct 05 2017 8:24 AM by CNBC
    As rumors swirl around the possibility of a new Fed chair, bond yields could soon see a big shift.
  • 8:21 AM » BofA Judge Doesn't Want to Rip Up Scathing Ruling Against Bank
    Published Thu, Oct 05 2017 8:21 AM by Bloomberg
    Bloomberg BofA Judge Doesn't Want to Rip Up Scathing Ruling Against Bank Bloomberg A bankruptcy judge who spent 107 pages excoriating Bank of America Corp. over its "heartless" foreclosure on a California couple is not happy that the homeowners want him to erase his words. The couple reached a private settlement with the bank that ...
  • 8:20 AM » This lender will now help mortgage borrowers crowdfund their down payment
    Published Thu, Oct 05 2017 8:20 AM by Market Watch
    Down payments continue to represent a major obstacle to homeownership for many Americans.
  • Wed, Oct 4 2017
  • 4:22 PM » Hurricanes hit U.S. hiring in September, services sector resilient
    Published Wed, Oct 04 2017 4:22 PM by Reuters
    (Reuters) - U.S. companies scaled back their hiring to an 11-month low in September after two powerful hurricanes disrupted some business activities, while the vast domestic services sector overcame those snags to expand at its fastest pace in 12 years.
  • 4:20 PM » U.S. lawmakers seek to shut banks that harm consumers
    Published Wed, Oct 04 2017 4:20 PM by Reuters
    WASHINGTON (Reuters) - U.S. House Democrats introduced legislation on Wednesday to direct banking regulators to review operations at the country's largest banks and consider shutting them down if they exhibit repeated wrongdoing to consumers.
  • 4:20 PM » 10 U.S. cities where you need to earn over $100,000 to afford a house
    Published Wed, Oct 04 2017 4:20 PM by CNBC
    Even assuming you put only 5 percent down, it's rough.
  • 2:32 PM » Consumer Confidence Sheds Some Lights on New Home Sales
    Published Wed, Oct 04 2017 2:32 PM by eyeonhousing.org
    The Conference Board recently reported that the Consumer Confidence Index declined slightly in September. The present situation index declined by 1.5% from 148.4 to 146.1, while the expectations index rose by 0.5% from 101.7 to 102.2. As a result, the Consumer Confidence Index decreased by 0.5% to 119.8 in September on a seasonally adjusted basis, from 120.4 last month. The... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 2:31 PM » September Employment Preview
    Published Wed, Oct 04 2017 2:31 PM by Calculated Risk Blog
    On Friday at 8:30 AM ET, the BLS will release the employment report for September. A key question is how much hurricanes Harvey and Irma impacted employment in September. Merrill Lynch economists noted this morning: "While Hurricane Irma made landfall on September 10th, preparations and evacuations began well in advance of the storm which likely impacted business and employment activity to start the month. Moreover, many homes and businesses remained without power throughout the week of September 10th (the BLS's survey reference week) which could also distort the payroll figures. The unemployment rate should not be materially affected as workers who were not at work due to weather issues would still be counted as employed in the household survey." In September 2005, following Hurricane Katrina in late August of that year, the BLS initially reported 35,000 jobs lost (later revised up to a gain of 67,000 jobs).   That was a sharp slowdown from prior months - and something similar probably happened this year. Note: Puerto Rico is not included in the national employment report. The consensus, according to Bloomberg , is for an increase of 100,000 non-farm payroll jobs in September (with a range of estimates between 0 to 140,000), and for the unemployment rate to be unchanged at 4.4%. The BLS reported 156,000 jobs added in August. Here is a summary of recent data: • The ADP employment report showed an increase of 135,000 private sector payroll jobs in September. This was below consensus expectations of 150,000 private sector payroll jobs added. The ADP report hasn't been very useful in predicting the BLS report for any one month, but in general, this suggests employment growth below expectations . • The ISM manufacturing employment index increased in September to 60.3%. A historical correlation between the ISM manufacturing employment index and the BLS employment report for manufacturing, suggests that private sector BLS manufacturing payroll...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:31 PM » The Millennial Mortgage Problem: Down Payments and Expensive Cities
    Published Wed, Oct 04 2017 2:31 PM by www.realtor.com
    Despite recent improvements in the labor market, millennials face a severe shortage of affordable entry-level homes in many parts of the country, according to a recent survey. The post The Millennial Mortgage Problem: Down Payments and Expensive Cities appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 12:49 PM » How the Yahoo hack stacks up to previous data breaches
    Published Wed, Oct 04 2017 12:49 PM by CNBC
    At three billion accounts, the Yahoo hack is the biggest data breach ever reported, according to a database of such incidents.
  • 11:08 AM » Large Builder Share Edges Upward in Major Markets
    Published Wed, Oct 04 2017 11:08 AM by eyeonhousing.org
    NAHB's analysis of information published in Builder Magazine shows that, although major markets became slightly less concentrated overall, large builders tended to gain market share. Every year, Builder Magazine lists the top local home builders, measured by total closings, in the country's 50 largest markets. For each of them, NAHB calculates four summary measures. The first is a basic four-firm concentration ratio... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 10:39 AM » Time to Renovate the Mortgage Interest Deduction
    Published Wed, Oct 04 2017 10:39 AM by www.redfin.com
    The mortgage interest deduction has outlived its usefulness. Only homeowners who itemize their deductions can receive MID's tax benefit. The post Time to Renovate the Mortgage Interest Deduction appeared first on Redfin Real-Time .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 10:19 AM » Jeffrey Gundlach Predicts Neel Kashkari Will Be Next Fed Chair
    Published Wed, Oct 04 2017 10:19 AM by Bloomberg
    Jeffrey Gundlach Predicts Neel Kashkari Will Be Next Fed Chair Bloomberg Jeffrey Gundlach, the money manager who predicted the presidential election of Donald Trump when few saw it coming, has a new surprise call: Neel Kashkari will be the next chairman of the Federal Reserve. Gundlach, speaking Tuesday at a Vanity Fair ... and more »
  • 10:14 AM » ISM Non-Manufacturing Index increased to 59.8% in September
    Published Wed, Oct 04 2017 10:14 AM by Calculated Risk Blog
    The September ISM Non-manufacturing index was at 59.8%, up from 55.3% in August. The employment index increased in September to 56.8%, from 56.2%. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: September 2017 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector grew in September for the 93rd consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: " The NMI® registered 59.8 percent , which is 4.5 percentage points higher than the August reading of 55.3 percent. This represents continued growth in the non-manufacturing sector at a faster rate. This is the highest reading since August 2005 when the index registered 61.3 percent. The Non-Manufacturing Business Activity Index increased to 61.3 percent, 3.8 percentage points higher than the August reading of 57.5 percent, reflecting growth for the 98th consecutive month, at a faster rate in September. The New Orders Index registered 63 percent, 5.9 percentage points higher than the reading of 57.1 percent in August. The Employment Index increased 0.6 percentage point in September to 56.8 percent from the August reading of 56.2 percent. The Prices Index increased substantially by 8.4 percentage points from the August reading of 57.9 percent to 66.3 percent, indicating prices increased in September for the fourth consecutive month. This is the highest reading since February 2012 when the index registered 67.6 percent. According to the NMI®, 15 non-manufacturing industries reported growth. The non-manufacturing sector has reflected strong growth in the month of September despite the impact on the supply chain from the recent hurricanes. Respondents'...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:39 AM » Wells Fargo to refund mortgage rate lock extension fees that were charged inappropriately
    Published Wed, Oct 04 2017 9:39 AM by Market Watch
    Wells Fargo & Co. said it plans to refund mortgage rate lock extension fees that were inappropriately charged during the period from Sept. 16, 2013 through Feb. 28, 2017. The planned refunds follows an internal review that determined some borrowers were charged fees, although the bank was primarily responsible for delays that made the extensions necessary. Wells said a total of $98 million in rate lock extension fees were assessed to 110,000 borrowers, although a "substantial number" of those were believed to be appropriately charged. The announcement comes as Wells Chief Executive Tim Sloan faced a Congressional hearing over a massive scandal that incentivized opening accounts fraudulently. The stock slumped 0.7% in premarket trade. It had gained 0.9% year to date through Tuesday, while the SPDR Financial Select Sector ETF had rallied 12.6% and the S&P 500 had climbed 13.2%.
  • 9:21 AM » Hurricanes could knock 50,000 jobs off Friday's government data, says Barclays economist
    Published Wed, Oct 04 2017 9:21 AM by CNBC
    "The Fed has already signaled the data is going to be noisy and they expect some weakness," Michael Gapen says.
  • 9:21 AM » Bond Report: Treasury yields retreat as global stocks turn lower, dollar softens
    Published Wed, Oct 04 2017 9:21 AM by Market Watch
    Treasury prices rise on Wednesday, pressuring yields, as the market awaited a late-afternoon speech from Federal Reserve Chairwoman Janet Yellen, which could offer market participants further guidance on the path of monetary policy.
  • 8:14 AM » Even Bond Traders Are Starting to Hate Bonds
    Published Wed, Oct 04 2017 8:14 AM by Bloomberg
    Bloomberg The Daily Prophet: Even Bond Traders Are Starting to Hate Bonds Bloomberg Betting against bonds has probably been the ultimate "pain trade" in markets in recent years despite a chorus of warnings from so-called experts that record low interest rates and yields have nowhere to go except higher. But now there are signs that ... and more »
  • 8:13 AM » Amazon Presents a Prime Opportunity to Transform a City's Housing Market—but Where?
    Published Wed, Oct 04 2017 8:13 AM by www.realtor.com
    how-amazon-HQ-will-transform-housing-market The post Amazon Presents a Prime Opportunity to Transform a City’s Housing Market-but Where? appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:13 AM » US Treasurys higher as investors await Yellen's remarks, data
    Published Wed, Oct 04 2017 8:13 AM by CNBC
    U.S. government debt prices were higher Wednesday as investors switched their focus to the latest comments coming out of the U.S. Federal Reserve.
  • Tue, Oct 3 2017
  • 2:22 PM » Net shorts on U.S. longer-dated bonds hit record high -JPMorgan
    Published Tue, Oct 03 2017 2:22 PM by Reuters
    NEW YORK, Oct 3 (Reuters) - The margin of investors who said they had fewer longer-dated Treasuries than their benchmarks over those who held more longer-dated bonds than their benchmarks rose to a record high, JPMorgan Chase & Co's latest client survey showed on Tuesday. Investors have reduced their bond holdings in recent days after Federal Reserve Chair Janet Yellen said last week the U.S. central bank remains on its gradual rate hike path even as inflation has been stuck below its 2-percent goal, analysts said.
  • 1:39 PM » Former Equifax chief apologizes to Congress over hack
    Published Tue, Oct 03 2017 1:39 PM by Reuters
    WASHINGTON (Reuters) - The former head of Equifax Inc apologized repeatedly on Tuesday at a congressional hearing for the theft of millions of people's personal data in a hacking breach, saying it took weeks for the credit bureau to understand the extent of the intrusion.
  • 1:38 PM » Wells Fargo CEO defends leadership in heated Senate appearance
    Published Tue, Oct 03 2017 1:38 PM by Reuters
    (Reuters) - U.S. senators grilled Wells Fargo & Co Chief Executive Tim Sloan on Tuesday about what he had done to change the bank's culture after a sales practices scandal erupted last year, with one senior Democratic lawmaker calling for his ouster.
  • 12:25 PM » The Fed: Jerome Powell, in the running for top Fed spot, echoes one of Trump's favorite economic themes
    Published Tue, Oct 03 2017 12:25 PM by Market Watch
    Fed Gov. Jerome Powell, who is in the running for the top job at the central bank, sounded one of President Donald Trump's favorite economic themes in a public appearance Tuesday.
  • 12:07 PM » Rising heat in home prices makes buyers rush to riskier mortgages
    Published Tue, Oct 03 2017 12:07 PM by CNBC
    The gains in home prices are getting bigger again, and that has more potential buyers looking for ways to afford the monthly payment.
  • 10:55 AM » Manhattan Resale Home Prices Set a Record, Even After Discounts
    Published Tue, Oct 03 2017 10:55 AM by Bloomberg
    Bloomberg Manhattan Resale Home Prices Set a Record, Even After Discounts Bloomberg The price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn't get too bullish. It took some discounting to get there. Owners pared an average of 6.8 percent off their asking prices in the quarter -- the second-most since ... and more »
  • 10:13 AM » Residential Fixed Investment Slows in Second Quarter
    Published Tue, Oct 03 2017 10:13 AM by eyeonhousing.org
    The final estimate of second quarter 2017 GDP growth (revised up two-tenths of a percentage point to 1.4%), shows that housing's share of gross domestic product (GDP) declined from 15.6% to 15.5%. Likewise, the home building and remodeling component-residential fixed investment (RFI)-fell 0.1 percentage point to 3.5% as a share of GDP. The slower second-quarter growth of RFI subtracted 0.3 percentage point... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
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