Economic Update - Powell Testimony & Mortgage Data
Stocks opened lower this morning but have since turned positive. Stocks surged on Tuesday to open the week, with all 3 indices gaining over 2%.
Fed Chair Jerome Powell testified to Congress this morning, saying the Fed will stay the course until it had evidence that inflation is moving lower.
The lone data release today, MBA mortgage applications, increased 4.2% last week. Applications to purchase a home increased 8%, while refinance activity fell 3%. The report also showed that the average interest rate of a conforming 30-year mortgage rose 33 basis points to 5.98%, the highest level since 2008.
Treasury yields are lower today, with the 2-year Treasury yield down 12.3 basis points to 3.08%, the 5-year Treasury yield down 15.8 basis points to 3.22%, and the 10-year Treasury yield down 15.6 basis points to 3.15%. Short-term advance rates are higher today, while longer-term rates are lower.
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