The federal government’s Bureau of Labor Statistics released new price inflation data today, and according to the report, September was yet another month of soaring inflation.
We said that yesterday’s subpar auction was a harbinger that today’s benchmark sale of 10Y paper (in the form of the 9-Year 10-Month reopening of Cusip FF3). We were right, because moments ago the Treasury sold $32BN in 10Y notes in another very poor auction.
Rising mortgage rates have sidelined many would-be homebuyers, but for institutional investors, it has become an opportunity as home builders try to unload properties.
Newsfeed: Institutional investors ‘buying in bulk’ as homebuying cools Read More »
In the earliest phases of the pandemic, many of the nation’s large cities saw sharp rent declines as a subset of renters with newly remote working arrangements moved away from expensive downtown areas that had temporarily lost their vibrancy, in search of more space in the surrounding suburbs.
Newsfeed: Rent Inflation Hits Outer-Ring Suburbs the Most, Core Cities the Least Read More »
It’s a double whammy for would-be homebuyers. Not only are interest rates soaring, it’s getting harder to qualify for a loan. The average rate on the popular 30-year fixed mortgage climbed over 7% at the end of last week, according to Mortgage News Daily, and is expected to hit around 7.125% on Tuesday. It’s been over 7% for several days.
The Bank of England on Tuesday announced an expansion of its emergency bond-buying operation as it looks to restore order to the country’s chaotic bond market. The central bank said it will widen its purchases of U.K. government bonds — known as gilts — to include index-linked gilts from Oct. 11 until Oct. 14. Index-linked gilts are bonds where payouts to bondholders are benchmarked in line with the U.K. retail price index.
In a market environment where the only hope left is a central bank pivot away from rate hikes and back to QE, any slight detour by any central bank in the west is now put under a microscope with excitement as if stocks are about to be saved. The Bank of England’s minimal intervention in long term gilt purchases to stave off a collapse in the UK pension system recently had investors buzzing with dreams that this was the beginning of a pivot by other central banks back to stimulus. This is not the case.
Newsfeed: No Pivot? BOE Says Rate Hikes Will Continue – Inflation Must Be Stopped Read More »
The yield on the benchmark U.S. 10-year Treasury note climbed on Wednesday after two straight days of declines, as economic data failed to reinforce recent hopes the U.S. Federal Reserve might pivot to a less hawkish policy stance.
Newsfeed: TREASURIES-U.S. yields rise as Fed pivot hopes fade Read More »
A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.
Saudi Arabia has agreed to cut its production for November by 526,000 bpd, from its current quota of 11.004 million bpd, according to data provided by OPEC following its Wednesday meeting to set new production targets.
Newsfeed: Saudi Arabia, Russia To Cut 1.05 Million Bpd In November Read More »