Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 3905 | -17.3 |
| Oil (WTI) | 62.88 | -0.34 |
| 10 year government bond yield | 1.45% | |
| 30 year fixed rate mortgage | 3.12% |
Stocks are lower this morning as global sovereign yields continue to sell off. Bonds and MBS are down big again.
In terms of sovereign yields, we are seeing the German Bund up to -25 basis points, and the Japanese Government Bond yields 15 basis points. The quick rise in European bonds has the European Central Bank worried about hobbling any recovery before it gets off the ground. Jerome Powell is more sanguine, saying the rise in yields is a sign of confidence in the economy.
The second estimate for fourth quarter GDP came in at 4.1%, which was unchanged from the first estimate. Personal consumption expenditures were revised downward from 2.5% to 2.4%. Durable Goods orders rose 3.4%, which capital goods expenditures rose 0.5%.
Initial Jobless claims fell to 730k last week. You can see just how elevated they are compared to pre-COVID, when 200k was the usual print. To put these numbers into perspective, the worst weekly reading during the Great Recession was 665k, and the average for most of 2009 was around 575k or so. The average weekly number over the past year has been 1.5 million. IMO the stock and bond market is in denial over just how bad the carnage has been.
The CFPB is reconsidering new rules for non-QM loans. Here is the letter written yesterday.
Pending Home Sales fell 2.8% in January, according to NAR. “Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” said Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.”
Filed under: Economy, Morning Report |
All Things in Moderation 
IMO the stock and bond market is in denial over just how bad the carnage has been.
Yep.
https://reason.com/volokh/2021/02/25/first-amendment-right-to-videorecord-tsa-patdown-of-your-family-member/
ATC doing stupid things and claiming qualified immunity.
We could have a forum on qualified immunity and civil forfeiture and the abuse of same.
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Brent…you see this?
https://www.fool.com/investing/2021/02/25/zillow-estimate-prices-are-now-cash-offers-to-buy/
Wish this was around a few years ago!
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zillow offers charges a minimum of 7.5%, and it is only available in certain areas (i.e. places where all the homes are homogeneous like a planned community).
Zillow Offers is good for places like CA and AZ. Not suitable for the Northeast.
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Ah…that’s interesting. And makes a bit more sense. When I first read it I thought it sounded a bit unlikely.
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you are paying for the non-contingent bid on your property. At least 7.5% versus paying both realtors 3%… Again, makes sense in CA where a non-contingent bid might win the day in a competitive market.
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how about this bond market volatility?
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It’s insane. The 2yr/5yr curve has moved massively just today, not to mention the last month. Futures are pricing in a full hike before end of next year. Not sure I believe that.
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Lol!
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This poll makes me laugh.
https://thefederalist.com/2021/02/24/poll-republicans-are-concerned-about-real-issues-democrats-concerned-with-political-opposition/
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It would take a heart of stone not to laugh.
Amazing
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Lol!
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The Senate filibuster is all that stands between America and this utter insanity:
https://thefederalist.com/2021/02/26/5-things-you-need-to-know-about-the-extremist-equality-act-house-democrats-just-passed/
But at least Trump is gone…
(BTW Mark…are you convinced yet?)
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You seem to be forgetting the overarching goal here, NO MEAN TWEETS! Sacrifices will have to be made.
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That bill, if it becomes law as is, will have to be tweaked either by judicial interpretation or by further legislation because the unintended [or perhaps painfully intended] consequences of interference with other federal law will become very clear, first in women’s sports.
And at least Trump is gone.
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Mark:
That bill, if it becomes law as is, will have to be tweaked either by judicial interpretation or by further legislation because the unintended [or perhaps painfully intended] consequences of interference with other federal law will become very clear, first in women’s sports.
Why do you think it will be “tweaked” rather than other federal law being “tweaked”? Interfering in women’s sports is precisely one of the points of it, and Obama stocked the judiciary with plenty of judges who will go along with it.
I guess you are still not convinced.
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