Morning Report – Happy Pi Day 3/14/14

Posted on March 14, 2014 by Brent Nyitray

Vital Statistics:

Last Change Percent
S&P Futures 1838.4 -1.3 -0.07%
Eurostoxx Index 3068.2 2.8 0.09%
Oil (WTI) 98.16 0.2 0.17%
LIBOR 0.233 -0.001 -0.32%
US Dollar Index (DXY) 79.38 -0.228 -0.29%
10 Year Govt Bond Yield 2.74% 0.01%
Current Coupon Ginnie Mae TBA 105.6 0.0
Current Coupon Fannie Mae TBA 104.1 0.0
RPX Composite Real Estate Index 200.7 -0.2
BankRate 30 Year Fixed Rate Mortgage 4.34
Markets are flattish after the Producer Price Index came in lower than expected. Bonds and MBS are up.
A paper out of Estonia is reporting that a Russian invasion of Ukraine is imminent.
Inflation remains muted at the wholesale level, with the Producer Price Index coming in at -.1% month-over-month and .9% on a year-over-year basis. While the Fed prefers to look at the PCE (Personal Consumption Expenditures) when measuring inflation, the other measures do get consideration. This shows inflation well below the Fed’s comfort zone, which is another reason why they are backing off that 6.5% unemployment target. The last thing the Fed needs is a bond market sell-off when we get to that threshold.
Foreclosure activity decreased 10% in February, to the lowest level in more than 7 years, according to RealtyTrac. They mention the issue of zombie foreclosures, where a vacant house in the foreclosure process sits for a long period of time and is not maintained. This is a natural for the 203k business. The average is 20% zombie foreclosures, however in some cities it is closer to 33%. The biggest states: Florida, Illinois, New York, New Jersey, and Ohio.

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20 Responses

  1. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 10:22 am said:

    Frist!

    Ok, what weird flight 370 story will pop today?

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    • ScottC, on March 14, 2014 at 10:38 am said:

      Why not to trust the AP (or, really, any media outlet), especially on hot-button issues:

      1) Pro-choice activists chant “Hail, Satan” at a protest.
      2) GOP Senator says pro-choice activists chanted “Hail, Satan” at a protest.
      3) AP reports: Republicans call opponents “Satan worshippers.”

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        • ScottC, on March 14, 2014 at 12:04 pm said:

          Mark:

          Continuing the process of change?

          I’m not so sure. Consider:

          My wife is a teacher. After 6 years of teaching she stopped working for nearly 15 years in order to raise our children. While teaching, her pay has never been closer to mine than it was our first year out of college. I have always been the primary earner in the family. Sounds almost stereotypically traditional, no? Yet my wife has a Masters in education while I’ve got nothing more than an undergraduate degree in economics. So according to the poll she counts among the women “better educated” than their mate. Is this really the change you had in mind?

          It’s almost certainly true that she “married down”, but not for the reasons implied in the article.

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        • markinaustin, on March 14, 2014 at 12:13 pm said:

          It’s almost certainly true that she “married down”, but not for the reasons implied in the article.

          I get that as I too am fortunate wrt spouse. But I also am not sure of what is going on and posed it as a question for that reason. As I wrote yesterday I know every variety of this combination among my own acquaintances.

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        • ScottC, on March 14, 2014 at 12:59 pm said:

          Mark:

          But I also am not sure of what is going on and posed it as a question for that reason.

          I have some theories. But as I suggested I don’t think measuring formal education level is all that meaningful or indicative of anything with regard to whether the psychology of relationships is changing from what it has traditionally been.

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  2. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 10:42 am said:

    Well, they are talking about Emmanuel Goldstein after all, so anything goes.

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  3. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 12:08 pm said:

    The continuous wish casting away of hypergamy.

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  4. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 12:11 pm said:

    My God! It’s full of bullshit!

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  6. novahockey, on March 14, 2014 at 1:01 pm said:

    So, who’s up for some speculation on the MH 370?

    Crash? Hijacked and crashed? landed somewhere?

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  8. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 1:25 pm said:

    Noonan’s a freak, but this is funny.

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  9. novahockey, on March 14, 2014 at 2:45 pm said:

    My grandmother would want go kick putin in the nuts about now.

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  10. quarterback, on March 14, 2014 at 3:10 pm said:

    The AP’s correction is less than earnest.

    http://bigstory.ap.org/article/anti-abortion-voters-look-one-their-own

    Sleazoids to the end.

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  11. quarterback, on March 14, 2014 at 3:43 pm said:

    Sargent has a headline that is unintentionally revealing.

    “The Morning Plum: On immigration, Obama is in a jam
    Will he be the “emancipator in chief,” or the “deporter in chief”?”

    Emancipator? Really? Lincoln for our time? Our immigration laws are the same as slave laws? Good work, Sargent.

    His latest on Ocare is also rich in irony. He again criticizes Republicans for having a piecemeal, unclear plan to repeal and replace. He doesn’t think it’s fair that Rs talk about keeping the good parts of Ocare without having a firm, concrete proposal.

    But it’s no problem for Obama unilaterally to repeal and amend Ocare at his daily and weekly whim, according to the political winds and the unraveling of his grand plan. No, that is good piecemeal approach. It’s fine for Obama to make it up as he goes while pretending it is still Ocare he is executing.

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  12. Whitaker. Motherfucking. Chambers, on March 14, 2014 at 3:47 pm said:

    He can also tout the Democratic Fix it don’t Repeal it” horseshit but not note that there are NO Fix it legislative proposals out there.

    In all seriousness, does he think he’s a “Serious Journolist” (SWIDT) or does he know he’s a partisan hack?

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  13. quarterback, on March 14, 2014 at 4:12 pm said:

    Oh he thinks he is a journalist. Too bad he’s a Journolist. Poor guy is probably missing me.

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  14. Brent Nyitray, on March 14, 2014 at 7:33 pm said:

    “In all seriousness, does he think he’s a “Serious Journolist” (SWIDT) or does he know he’s a partisan hack?”

    I am sure he believes every word he writes, and that rules out being a partisan hack in his eyes.

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