You are currently viewing Market Snapshot 2-16-24- Good Friday AM

Market Snapshot 2-16-24- Good Friday AM

Good Friday AM from your Hometown Lender,

…And Sisyphus starts his climb yet again up the mountain.

Today’s economic calendar brought PPI. Wednesday night the revisions past report were shared and those data points were revised downward.

Today though, the current report (for January) was hotter than expectations (as CPI was). Markets expected .1% and we got .3%. Core was expected at .1 and we got .5. The knee jerk reaction took us back to where we were on Tuesday after the CPI report.

So goes the bond market…

The bias remains, in my opinion, toward lower rates. It is just a question of when. Two positive notes to share..

  • First, we seem to know where the high-water mark for the 10-yr yield is for the moment. It is where we are now (assuming we hold) and where we traded to on Tuesday after CPI.
  • Second, there is a silver lining for buyers (at least the ones that are serious about buying). A small uptick in rates could have some competition hit the pause button for a moment giving the others an advantage to buy at today’s prices.

All I got for a Friday…

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