Good Morning on this best day of the week and Cinco de Mayo (my reason to brush my teeth with tequila),
Not much in the way of economic data today. ADP payrolls weaker than expected as was ISM non-manufacturing numbers. Stocks are faring better than yesterday, bonds unchanged to slightly down. It’s really about positioning now before tomorrow’s unemployment claims and then Friday’s jobs data (new jobs, hourly wages, unemployment rate). We have not been able to break through into the next channel (although we continue to hang near the top of the range) so the expectation has to be we will work down (in price, up in rate) to the bottom of the channel. Probably worth locking in here or be prepared to wait until after Friday’s jobs report.
How much will this cost taxpayers? 5.5 million — The number of federal student-loan borrowers who were in default as of the end of last September. The Biden administration named Richard Cordray, the former head of the Consumer Financial Protection Bureau, to oversee the $1.6 trillion federal student-loan program. Cordray said he aimed to help fulfill the agency’s mandate to help students get ahead and “not be burdened by insurmountable debt.”
Where will the inventory come from? Graph below is hot off the presses and shows that in the Las Vegas market, we are down to .7 months of available inventory… .7 months... any ideas? Anyone, anyone?
Please remain safe and healthy, make today great.