Market Snapshot August 9, 2018
Good Morning on this fantastic Thursday,
A little data today which was bond friendly:
Unemployment Jobless Claims: Actual 213K, Consensus 220K, Last 218K.
Index: Actual .0%, Consensus 0.2%, Last 0.3%.
Core: Actual 0.1%, Consensus 0.2%, Last 0.3%.
With that, we had a nice gap up this morning! PPI was below expectations, giving hope that perhaps tomorrows CPI will also be tame (really the only reason the market is bond friendly). There can be little better for bonds at this time, than the FED staring down at a tame inflation number tomorrow.
Quick little comment about the news from Wells Fargo below, are you flippin kidding me at this point, I mean really???
On Friday, Wells Fargo admitted that a computer error, which led to miscalculations left 400 people losing their homes to foreclosure. According to the bank’s quarterly filing to the SEC, the error caused more than 600 customers to be denied or not being offered loan modifications despite being qualified for them, leading to foreclosures for around 400 borrowers.
Make today great!