Green on the screen as investors return after a long weekend. Bonds and MBS are down small.
The Empire Manufacturing Index improved slightly to -16.64 versus -19.37 in the prior month.
The NAHB Homebuilder Sentiment Index fell to 58 from 61 in February.
Saudi Arabia, Russia, Venezuela and Qatar agreed to freeze production at January levels provided the other members of OPEC agree to go along. Apparently this has been in the works for a while, so oil isn’t having much of a reaction.
Household debt increased 0.4% in the fourth quarter, according to the NY Fed. Student Loan and Auto loan financing are growing the most, while mortgage and HELOC is steady or falling. Credit quality for mortgage debt remains strong, however you can see the increase in low-FICO auto loans (the new subprime). Debt levels below:
As the Spring Selling Season begins, inventory remains tight, especially close to urban areas. The supply of homes is the lowest since 2005.