Friday: The Good, the Bad and the Bond Market

  • November 15, 2013

cartoon 11-15-13It’s Friday! Another week is behind us folks. Let’s break it down to what was good and what was bad:

  • The bond market opened down and out on this holiday shortened week with fear of potential tapering. This was caused by a stronger than expected employment report on Friday. Bad news for the bond market–rates went up.
  • Initial Jobless Claims fell to 330K another sign that the economy is picking up steam. Bad news; mortgage rates went up again. Oh no.
  • But, wait all is not lost! The New York Manufacturing Index contracted this week. Good news for the Bond Market–mortgage rates went down.
  • Then Janet Yellen took to the stage and claimed her bond buying habits are sticking around. Yes! Rates went way down. We like you already Janet!

Next week has a cornucopia of economic data including Retail Sales, Philly Fed, Inflation which is always fun, and Existing Home Sales. Have a good weekend.

By Lindsey Fediuk, Quicken Loans Capital Markets Analyst

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