Morning Report: Q1 GDP estimate 1.5%

Posted on April 4, 2022 by Brent Nyitray

Vital Statistics:

 LastChange
S&P futures4,5412.2
Oil (WTI)102.243.09
10 year government bond yield 2.38%
30 year fixed rate mortgage 4.86%

Stocks are flattish this morning on no real news. Bonds and MBS are up small.

The upcoming week is relatively-data light, with the ISM Services Index about the only meaningful report. We do have a smattering of Fed-speak though and the minutes from the March FOMC meeting on Wednesday. Investors will be looking at the minutes for insight into how the Fed plans to reduce the size of its MBS holdings. This has been the dark cloud over the MBS market as MBS spreads have widened considerably over the past month.

FHFA Director Sandra Thompson said “We’re preparing the enterprises to adjust to supervision in a way that they would be regulated outside of conservatorship,” Thompson said. “The safety and soundness of the enterprises, making sure their operations are really in tip-top condition — which they are — making sure their financial condition is as expected and that they never have to rely on the federal government again, [are] really important.”

Construction spending rose 0.5% MOM and 11.2% YOY, according to Census. Residential construction rose 1.1% MOM and 16.5% YOY. Labor and materials shortages continue to bedevil the residential construction industry.

With Q1 in the books, the Atlanta Fed’s GDP Now estimate came in 1.5% as of April 1.

Filed under: Economy |

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12 Responses

  1. ScottC, on April 4, 2022 at 9:27 am said:

    For any judge in our justice system, let alone one who seeks to sit on the Supreme Court, this is straight up a disqualifying position to hold. A person who hold this position is simply not capable of honestly taking the oath of office.

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    • Brent Nyitray, on April 4, 2022 at 10:18 am said:

      so she thinks all rights are granted by the government?

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      • ScottC, on April 4, 2022 at 10:55 am said:

        Strictly speaking, she claims to have no position. But I think it is clear that that is exactly what she thinks. Which means, in effect, that the Bill of Rights is largely meaningless.

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        • ScottC, on April 4, 2022 at 11:16 am said:

          Upon reflection I actually take that back. My guess is that, like most leftists, her position on rights is devoid of any consistency, principles, or logic. When the government is doing something of which she disapproves, then it is the case that rights exist independently of government, and the government is engaged in a violation of those rights. When the government is doing something of which she approves, then it can’t be a violation of anyone’s rights, because “society” hasn’t granted them that right.

          As always, it is Calvinball, and her demurral is designed to give her the most leeway to play it.

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        • Let the mutherfuker burn!, on April 4, 2022 at 12:14 pm said:

          I don’t think it’s possible to be a progressive and believe in natural law. Not a dig, per se, but I don’t see how a progressive acknowledge the existence of natural law.

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  2. jnc4p, on April 4, 2022 at 11:07 am said:

    Good read on the post Oscars moment:

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