Good Friday AM,

Not much market moving data today.

Equities are up a bit and bonds are trailing, which is expected as they failed to break though resistance on Wednesday. That typically can, and in this case appears to leave, prices to drift lower until the next wave of buying happens. I do expect another wave of buying before month end as Feds indicate there is about 100B in bonds that should be purchased to rebalance their books. For now it is still, play defense.

This is the headline to repost…

The rate on the average 30-year fixed mortgage fell to 6.61% from 7.08% the week prior, according to Freddie Mac, which this week changed its methodology calculating rates. The largest weekly drop in 41 years.

Finally, some sage words from a Fed President, although I would like to better understand what it will take to convince him inflation has peaked. “It’s hard to know how high the U.S. central bank will need to raise interest rates’, said Minneapolis Federal Reserve Bank President Neel Kashkari, but it should not stop until it’s clear that inflation has peaked. “I need to be convinced that inflation has at least stopped climbing, that we’re not falling further behind the curve, before I would advocate stopping the progression of future rate hikes”.

Need to share what we all know, U.S. Home Sales Fell for Ninth Straight Month in October.

• Over the past year, at least 40,000 mortgage banking professionals have lost their jobs.
• Elizabeth Holmes is being sentenced today… she is asking for 18 months, the government asking for 180 months, and federal sentencing guidelines would allow for life in prison..

Please remain safe and stay healthy, enjoy the  weekend and first, make today great!