Treasury yields are slightly higher this morning, particularly in the belly and long-end of the curve. Equity futures are pointing towards a lower opening following a string of disappointing earnings releases. Additionally, comments from Fed officials like Minneapolis President Kashkari have investors considering the prospect of rates staying higher for longer.
On the data front, the MBA mortgage applications index rose last week by 2.6% after falling 2.3% the week prior. The 30-year contract rate fell, for the first time since March, by 11 bps to 7.18%. Refinancing applications rose by 4.5% while purchase applications increased by 1.8%.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Surv(M) Actual Prior Revised 05/08/24 MBA Mortgage Applications — 2.60% -2.30% — 05/08/24 Wholesale Inventories MoM -0.40% — -0.40% — 05/08/24 Wholesale Trade Sales MoM 0.80% — 2.30% — 05/09/24 Initial Jobless Claims 213k — 208k — 05/09/24 Continuing Claims 1782k — 1774k — 05/10/24 U. of Mich. Sentiment 76.2 — 77.2 — 05/10/24 U. of Mich. Current Conditions 78.7 — 79 — 05/10/24 U. of Mich. Expectations 75 — 76 — 05/10/24 U. of Mich. 1 Yr Inflation 3.30% — 3.20% — 05/10/24 U. of Mich. 5-10 Yr Inflation 3.00% — 3.00% — 05/10/24 Monthly Budget Statement $250.0b — $176.2b —
Hafizan Hamzah Senior Director, Investment Management Group
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