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MARKET COMMENTARY

A weekly look at where mortgage interest rates are headed. A weekly Economic Calendar is also included.

Market Commentary

 Growing trading concerns have made significant impacts on global equities and yields, as the yield curve was sent lower by 17-23 basis points and the DOW sold off nearly 1000 points through the duration of last week. Tomorrow, Fed Chair Powell is speaking at the Chicago Fed Conference discussing monetary policy strategy, tools, and communication practices. This will be one of Powell’s last, and highly anticipated, opportunities to provide a reaction to trade war escalation before the Fed blackout period ahead of this month’s rate decision on the 16th.

Today we start off the week with PMI data and construction spending, followed by Factory and Durable Goods Orders on Tuesday. With ADP employment change on Wednesday, the weekly Initial Jobless Claims and Continuing Claims on Thursday, and Nonfarm Payrolls and Manufacturing payrolls on Friday, the latter half of this week’s economic releases will focus heavily on jobs.

 Economic Calendar for the week of 06/3/2019 to 06/7/2019:

Monday: Markit US Manufacturing PMI, ISM Manufacturing, ISM Prices Paid, Construction Spending MoM
Tuesday: Factory Orders, Durable Goods Orders, Durables Ex Transportation
Wednesday: MBA Mortgage Applications ADP Employment Change, Markit US Services and Composite PMI, ISM Non-Manufacturing Index
Thursday: Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, Trade Balance
Friday: Change in Nonfarm Payrolls, Change in Manufacturing Payrolls, Unemployment Rate, Wholesale inventories

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