by calculated risk May 13, 2024 08:10:00 PM
From Matthew Graham of Mortgage News Daily: What you see today may not be the same tomorrow.
With essentially nothing on the events calendar to start the new week, it was reasonable to expect the same flat trend as last week to continue. While we can’t predict the future when it comes to markets, we can say that Monday’s flat trajectory is the least surprising outcome. The same trajectory will become increasingly surprising over the next two days, with special focus on Wednesday (CPI Day). Even on Tuesday, things like the producer price index and the moderator discussion at the European Banking Conference with Fed Chairman Jerome Powell deserve some respect. The Fed’s speech today wasn’t worth the volatility, but the New York Fed’s consumer survey showed rising inflation expectations, with a modest increase during the day as of 11 a.m. ET. (Fixed for 30 years 7.12%)
Emphasis added
Tuesday:
• 6 a.m. ET, NFIB. Small Business Optimism Index For April.
• At 8:30 a.m.; April producer price index From BLS. The consensus is for PPI to rise 0.2% and core PPI to rise 0.2%.
• 10 am: Discussion, Federal Reserve Chairman Jerome H. Powell, Moderated discussion with Chairman Powell and Deutsche Bank (DNB) President Klaas Knott at the Annual General Meeting of the Association of Foreign Banks in Amsterdam
• 11 a.m., New York Fed: First Quarter Quarterly Report on Household Debt and Credit
