I still haven't found what I'm looking for

Never been a big U2 fan, but the subject is pretty fitting for the disappointment of last week’s interest rate events, coupled with the onslaught of data on tap this week.  

First, the FOMC statement was mixed.  While the final consensus was that it was slightly more dovish, it was another mixed message for sure, as remarks in the statement were tweaked in both directions.  Hoping for some direction as we turned our attention to GDP on Thursday, we got even more confusion.  A headline miss was offset by some stronger components.  Not to mention that on balance it was a slightly stronger number than many were bracing for.  Make no mistake, the report helped the rate cause, but just not in the resounding way I thought it might. Yesterday’s ISM manufacturing once again disappointed on the headline.  Great for rates?  Sure, until you looked at the components and saw some price pressures for the first time in a while. So that leads us to today.  ISM due this morning, ADP tomorrow and finally NFP Friday.  There’s a bunch of other numbers coming, but those are the headliners.  I wouldn’t expect too much at this point and I’d imagine we’d likely find ourselves comfortably settled into this 1.65-1.99 range yet again.  

More to follow…  

 

Philip N. Mancuso, Chief Investment Officer

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