Latest News

Wednesday: Job Openings, ISM Mfg, Construction Spending, Beige Book, Vehicle Sales

From Matthew Graham at Mortgage News Daily: MBS Live Morning: Sharp Losses Reinforce Last Week’s Yield Floor
10yr yields bounced at or near 2.72% for 4 straight days heading into the end of last week. Now this morning, they’re sharply higher and already above the next major technical level at 2.83%. Even as bonds rallied in recent weeks, we’ve been expecting the gains to give way to a more volatile, sideways range. [30 year fixed 5.25%]
emphasis added
Wednesday:
• At 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 10:00 AM, Job Openings and Labor Turnover Survey for April from the BLS.

• Also at 10:00 AM, ISM Manufacturing Index for May. The consensus is for the ISM to be at 54.5, down from 55.4 in April.

• Also at 10:00 AM, Construction Spending for April. The consensus is for a 0.5% increase in construction spending.

• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

• All day, Light vehicle sales for May. The consensus is for light vehicle sales to be 14.5 million SAAR in May, up from 14.3 million in April (Seasonally Adjusted Annual Rate).  Wards Auto is forecasting a decline in sales to 13.4 million SAAR.


On COVID (focus on hospitalizations and deaths):

COVID Metrics
 
Now
Week
Ago
Goal

Percent fully Vaccinated
66.7%

≥70.0%1

Fully Vaccinated (millions)
221.3

≥2321

New Cases per Day3

94,260
104,396
≤5,0002

Hospitalized3

18,915
19,653
≤3,0002

Deaths per Day3🚩
301
288
≤502

1 Minimum to achieve “herd immunity” (estimated between 70% and 85%).
2my goals to stop daily posts,
37-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.

Click on graph for larger image.

This graph shows the daily (columns) and 7-day average (line) of deaths reported.

New cases have quadrupled from the recent low, and deaths are increasing week-over-week.

The data released today was likely impacted by the 3-day holiday.

Average daily deaths bottomed in July 2021 at 214 per day.

What is your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News