Markets are higher this morning as world equity markets recover and global bond markets take a breather. Bonds and MBS are down
Mortgage Applications rose 11.1% last week, with purchases rising 4.5% and refis increasing 16%. The refi index is bouncing back from a highly depressed Christmas week level, so don’t break out the champagne quite yet. That said, the last time rates were around here, home prices were a lot lower. Cash out refis to pay down credit card debt and HELOCs will be attractive to many borrowers.
Was yesterday’s intraday low of 1.88% on the 10 year a capitulation low? Not sure yet. Remember, the action is being driven by European economic weakness and the prospect of more QE at the ECB. We are just being taken along for the ride. Which means that this gift may be fleeting.
From the recent ISM and factory order data, it looks like things slowed down a bit in December. Do not look for another 5% print on Q4 GDP – most strategists are looking at a growth rate in the mid 2s.
The ADP employment survey reports that 241k jobs were created in December, more or less in line with the Street expectations for Friday’s payroll number. I am hearing anecdotally that the normal seasonal (post-holiday) layoffs are not happening this year as employers hold on to people in anticipation of growth. Remember, the number to watch on Friday is average weekly earnings – that is the most important number.
CoreLogic is forecasting home sales will increase 9% in 2015, housing starts will increase 14% and home price appreciation will moderate…The big story? Employment growth in the Millennial age cohort, which will herald the return of the first time homebuyer.
Filed under: Morning Report |
I guess not.
https://twitter.com/CuffyMeh/status/552826310700306432
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I saw this for the first time today.
http://talkingpointsmemo.com/livewire/time-magazine-mitch-mcconnell-change-cover
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Sigh. Yes, they are juiceboxers:
Well maybe that’s because in the past there was no government mandated threshold at 30 hours.
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jnc:
Sigh. Yes, they are juiceboxers:
WaPo’s decision not to invest in Ezra making more and more sense.
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*facepalm*
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might be vote in the House under suspension to roll back the Volker rule
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nova:
might be vote in the House under suspension to roll back the Volker rule
I had a meeting literally this morning on how we are going to confirm to regulators that we are in compliance with Volker.
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Ezra truly is an idiot. He’s gone downhill
No, this isn’t a random shooting, and no this isn’t something that “that almost no human beings anywhere ever do”. If anything, killing people you don’t agree with has defined the human condition for almost all of it’s existence. Tolerance for other views is the recent exception and solely due to the prevalence Western values. No, Ezra, all cultures aren’t equal.
Salmon Rushdie is much better, although the incident is still less about religion in general than one or two in particular.
http://time.com/3657541/charlie-hebdo-paris-terror-attack-salman-rushdie/
Looking forward to Bill Maher this Friday.
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“ScottC, on January 7, 2015 at 1:26 pm said:
jnc:
Sigh. Yes, they are juiceboxers:
WaPo’s decision not to invest in Ezra making more and more sense.”
Ezra was much better when he had a editor. Now, there’s no adult in charge over there. They all have editorial titles on the masthead (along with their funny titles because that’s how millennials roll).
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Brent you hear about this previously?
“Obama to announce lower fees for a mortgage that’s popular with first-time buyers
By Dina El Boghdady
January 7 at 12:17 PM”
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/01/07/obama-to-announce-lower-fees-for-a-mortgage-thats-popular-with-first-time-buyers/?hpid=z4
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jnc:
Obama to announce lower fees for a mortgage that’s popular with first-time buyers
Yes, Obama, encourage more people to buy real estate in order to inflate the housing market. Especially with D/F now protecting us all from the economy-collapsing effects of the demon derivatives market, what could possibly go wrong?
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bill went down. didn’t get 2/3rds
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Bummer.
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Video of the French shooters on the street, executing a downed policeman. Somewhat graphic.
http://www.liveleak.com/view?i=bc6_1420632668
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but it got 276 votes. so the votes are there to pass
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The Post censored the actual execution due to the graphic content. I think that’s wrong.
The graphic content is essential to understanding the true nature of the incident.
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Salon actually has a good piece on the Paris shootings:
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http://douthat.blogs.nytimes.com/2015/01/07/the-blasphemy-we-need/?_r=2
Douthad was good on this too.
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