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Even though Tuesday's consumer-oriented inflation report (CPI) had the biggest potential to cause drama for rates, it was today's wholesale inflation report that did the most damage. The Producer Price Index (PPI) showed wholesale inflation running hotter than expected by quite a wide margin overall (0.6% month-over-month versus a median forecast of 0.3%). Even after stripping out more volatile food and energy prices (i.e. "core" inflation), PPI was up 0.3% versus forecasts of 0.2%. These might seem like small numbers, but keep in mind that the Fed's inflation target is 2.0% annually at the core level. Core readings of 0.4% in CPI and 0.3% in PPI pencil out to 4.8% and 3.6% respectively. Inflation is the biggest concern for interest rates, so it's no surprise to see rates moving higher. Today's increase brings the average to tier, conventional, 30yr fixed rate back above 7% for the first time in a week.
Mortgage Rate Watch
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Even though Tuesday's consumer-oriented inflation report (CPI) had the biggest potential to cause drama for rates, it was today's wholesale inflation report that did the most damage. The Producer Price Index (PPI) showed wholesale inflation running ... (read more)
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MBS Commentary
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Apart from Tuesday (CPI day), today is this week's next biggest deal in terms of scheduled economic data. The trifecta included Jobless Claims, PPI, and Retail Sales. Of these, Retail Sales has been the bigger market mover on average, but... (read more)
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Rob Chrisman
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Fun with numbers: Did you know that, at age 22, Billie Eilish has won twice as many Oscars (2) than 80-year-old Martin Scorsese (1)? (And yes, Samuel L. Jackson, Tom Cruise, and Johnny Depp have won a cumulative total of 0.) Lenders and vendors didn’... (read more)
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