Good Morning on this fantastic Tuesday,

The data is starting to mount in our favor.

The latest installment is today’s CPI inflation report. It showed 0.0% overall inflation during the last month and just .2% core inflation (excluding food and energy). The economy is slowing. Bonds are having a really good day as a result. The 10yr is down to 4.45% (2 weeks ago we were at 4.95) and mortgage bonds are +57bps as I type. We don’t get many days like this so enjoy. Tomorrow is PPI day and if that data stays in line with CPI, things could get even better from here. I don’t want to anger the bond gods by guessing which direction tomorrow goes but I would not be surprised if we see more improvement. That said, it can always go the other way.

The WSJ shared a piece that is interesting with some good insights:

Realtors across the country are rethinking their jobs, and some are backpedaling from the profession, fearing that the heyday of their business is over. A court verdict last month stands to radically alter the way real-estate agents are paid for their work and could result in far lower pay for the 1.6 million men and women who sell homes as their main job or as a side hustle. WSJ’s Anne Marie Chaker looks at what could happen to realtor commissions—and the number of real-estate agents—after a federal jury verdict on artificially high fees.

And last, it is interesting how demographics change…

Older buyers are prevailing in America’s hot housing market. This year, the median age for a repeat buyer — someone who has bought a home before — was 58, according to data released Monday by the National Association of Realtors. That’s down just a smidgen from last year’s record of 59, but it’s up significantly from 36 years old in 1981, when NAR began conducting its survey.

Please remain safe and stay healthy!