In the meantime - here is this week's Market Preview ...
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Forwarded exclusively by:
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Bob Rosenbaum
Access National Mortgage
Office: (703) 879-5200
Email: RRosenbaum@AccessNational.com
website: www.MyTalentedLender.com
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Big enough to compete, small enough to care.
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Monday, July 30, 2012 |
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This Week;
one of the busiest in months with most attention on Central Banks in
the US and Europe. The FOMC meets on Tuesday and Wednesday with the
policy statement Wednesday afternoon. It is widely believed in markets
that the Fed will start another QE the question at the moment isn’t will
they but when. Some believe the Fed will announce an easing move on
Wednesday while others are saying at the Sept FOMC meeting. The European
Central Bank will meet on Thursday, an even more important event than
the FOMC meeting. Last week interest rate markets were rocked when the
President of the ECB said in a speech the bank will do whatever it takes
to save the euro. Since then Germany and Italy in talks over the
weekend sounded upbeat. Last week on the Draghi comments the 10 yr note
and mortgage rates jumped; the 10 yr yield up 14 basis point since
Wednesday and mortgage rates up 7 to 9 basis points in rates.
Adding
to the importance of the week; the July employment report on Friday,
early estimates call for private job growth of 105K with unemployment
rate unchanged at 8.2%. The two key ISM reports also out this week,
manufacturing index expected about unchanged at 49.9 and the services
sector at 52.2 frm 52.1 in June. Easing from the Fed and the ECB meeting
are the dominant focus this week but the data also important. We expect
an increase in market volatility this week; technically the US interest
rate markets are trading at critical levels.
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