Good Friday AM from your Hometown Lender,
By now, everyone knows that despite the verbal lashing that Fed Chair Jerome Powell gets from members of the Trump administration (including Trump himself and now Bill Pulte), the Fed kept rates steady at Wednesday’s meeting and the dot plot which is supposed to be a forward-looking predictor says fewer cuts in the future. A better version of the dot plot using the same data is below.
The one thing I haven’t seen anyone talk about is Mr. Powell’s comments that the dot plot is being phased out over the next couple of meetings so how much faith are you really putting into that projection? I don’t think the Fed governors spent any time on it and I think it means nothing now.
To that end…
Fed Governor Chris Waller came out today swinging saying the Fed could cut at the next meeting in July. Let’s hope that position picks up steam. As long as the war in Iran comes to a close soon or at least, there is limited impact to oil, rates will improve. For today, rate sheets are about where they were before the Fed meeting Wednesday, and it’s likely we end the week close to the same as it did last week.
Thankfully not much movement this morning after markets were closed yesterday for Juneteenth. Summer officially begins today, although It’s been a few weeks since Memorial Day kicked off when most traders start taking off on Friday afternoons.
Where are our clients or more aptly, where are they not?
More than one-third (33.5%) of Baby Boomer homeowners say they will never sell their home, according to a new Redfin survey.
Stay safe, enjoy the weekend and first, make today great!!!
