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  • Fri, Dec 20 2013
  • 5:25 PM » Stocks Reach Record Highs After a Week of Bullish Data
    Published Fri, Dec 20 2013 5:25 PM by
    Both the Dow Jones Industrial Average and the S&P 500 index closed at record highs today, buoyed by revised GDP figures which showed that the U.S. economy grew at a 4.1% annualized clip in the third quarter of 2013. The Dow rose 0.31% to 16229.88, while the S&P gained 0.48% to reach 1818.36. The tech-heavy NASDAQ also saw gains–rising 1.15% to 4104.74. “We’re ending 2013 in a good place; the global economy appears to be in slow-growth mode as evidenced this morning in the U.S. with favorable GDP numbers,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told CNBC. The Commerce Department report was a revision of a previous reading which said that the economy grew at a 3.6% annualized rate. The revision revealed that both consumer spending and business investment were higher than previously thought–two areas economy watchers look for as signs of sustainable growth. Today’s bullish data followed a good day for markets yesterday, when stocks rose on the Fed’s decision to its stimulus in the face of improving economic conditions, as well as data which showed strong growth in the housing-construction sector.
    Click Here to Read the Full Article

  • 3:37 PM » Despite Falling Short of Goals, Fed Suffers From QE-Fatigue
    Published Fri, Dec 20 2013 3:37 PM by WSJ
    There was another, less explicit reason that Fed policy makers cite privately for curtailing bond purchases this week. Call it QE fatigue.
  • 3:37 PM » Investors move forward rate-hike expectations
    Published Fri, Dec 20 2013 3:37 PM by Market Watch
    NEW YORK (MarketWatch) -- Investors on Friday expected the Federal Reserve to hike its key policy rate at its meeting in June of 2015, one meeting earlier than fed funds futures contracts had priced in on Thursday. That would be the first rate hike since 2006. The probability of a rate hike in June was 52%, according to the CME Group's FedWatch, which uses fed funds futures contract data to project the future path of interest rates. The fed funds contract for June 2015 priced at 99.67, implying a rate of 0.37%. The eurodollar contract, which also approximates the path of interest rates, was at 99.37 for June 2015 , implying a rate of 0.63%, while the March 2015 contract traded at 99.50, implying a rate of 0.50%. The rate is currently held at no higher than 0.25%.
  • 2:39 PM » Research: The Long-Term Outlook for Residential Construction
    Published Fri, Dec 20 2013 2:39 PM by Calculated Risk Blog
    Long-term demand for both single- and multifamily housing can be projected by considering the observed, historical housing choices of different demographic groups defined by age and gender. By combining this information with U.S. Census Bureau forecasts for the size and composition of the country's population through 2035, we project the long-term path of the number of occupied housing units in the United States. This projected trend is well above the current number of occupied units, especially for multifamily housing. Closing the gap between actual occupancy and the projected trend will require a significant rise in construction over the next few years.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:40 PM » Fed Dissenter Rosengren Sees Premature Taper as Growth Unassured - Bloomberg
    Published Fri, Dec 20 2013 1:40 PM by Bloomberg
    Fed Dissenter Rosengren Sees Premature Taper as Growth Unassured Bloomberg Federal Reserve Bank of Boston President Eric Rosengren, the lone dissenter from the Fed's plan this week to taper its bond purchases, said he isn't convinced the economy will improve next year. "Like the committee, my assessment has brightened in recent  ...
  • 1:40 PM » Yellen Fed nomination headed toward clearing Senate hurdle
    Published Fri, Dec 20 2013 1:40 PM by Reuters
    WASHINGTON (Reuters) - Janet Yellen's nomination to be the next chair of the Federal Reserve appeared certain to clear a procedural hurdle in the U.S. Senate on Friday as a majority of the chamber voted to move forward with the nomination.
  • 1:35 PM » This is what happens when a central bank is overly focused on inflation
    Published Fri, Dec 20 2013 1:35 PM by
    Why Ben Bernanke is the economic hero of 2013. MKM economist Michael Darda: It now looks as if the U.S. economy enjoyed at least 4% average nominal GDP growth this year, if not a bit higher. The revised Q3 GDP data … read more >
    Click Here to Read the Full Article

  • 12:18 PM » All Cash Sales Share at New High in November
    Published Fri, Dec 20 2013 12:18 PM by S&P/Case Shiller
    RealtyTrac®‘s November 2013 U.S. Residential & Foreclosure Sales Report shows that U.S. residential properties, including single family homes, condominiums and town homes, sold at an estimated annual pace of 5,146,565 in November, a less than 1 percent increase from a revised pace of 5,128,034 in October and up 10 percent from November 2012. Annualized sale […]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 10:39 AM » Ally to repay $80 million to consumers it discriminated against
    Published Fri, Dec 20 2013 10:39 AM by CFPB
    When you shop for a car, auto lenders work with your auto dealer to offer you financing for your loan. Auto lenders consider the terms of your loan, your credit history, and other factors, to set a risk-based interest rate on your loan. Many of them have policies that allow an auto dealer to "markup" […]
  • 9:44 AM » Freddie Mac Announces Settlement With Deutsche Bank
    Published Fri, Dec 20 2013 9:44 AM by
    Freddie Mac Announces Settlement With Deutsche Bank
    Click Here to Read the Full Article

  • 8:09 AM » Yellen expected to win U.S. Senate test vote Friday to head Fed
    Published Fri, Dec 20 2013 8:09 AM by Reuters
    WASHINGTON (Reuters) - The Democratic-led U.S. Senate is expected to wrap up its work for the year on Friday by moving to clear President Barack Obama's nomination of Janet Yellen to head the Federal Reserve.
  • 8:08 AM » S.&P. Cuts European Union's Credit Rating
    Published Fri, Dec 20 2013 8:08 AM by
    The ratings agency cited less "cohesion" in the bloc in removing its AAA badge of approval, but the impact of the move was negligible.        
    Click Here to Read the Full Article

  • 8:06 AM » US treasurys fall as investors digest taper
    Published Fri, Dec 20 2013 8:06 AM by CNBC
    U.S government debt prices edged lower on Friday as investors gauged the implications of the U.S. Federal Reserve's announcement.
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Mortgage Rates:
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  • 15 Yr FRM 3.99%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
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  • 30YR FNMA 5.0 105-30 (-0-03)
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Recent Housing Data:
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  • Purchase Index 5.06%