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Markets in a Minute | February 2, 2018

 

 

 

The Fed didn’t raise policy rates at this week’s FOMC meeting, though their announcement pointed to a likely increase when they meet in March.
Consumer spending increased in December, a reflection of the strong labor market. However, the 2.4% national savings rate was the lowest since 2005.
The Fed believes that inflation could reach their 2% target this year. Supported by a growing economy, inflation pushes rates (including mortgage rates) higher.

 

National home prices continued their run higher in November, rising 6.2% annually. Home prices are rising more than three times faster than the rate of inflation.
Despite tight inventory, pending home sales were up 0.5% in December over November. The supply of homes for sale is at its lowest level since 1999.
Construction spending increased more than expected in December. Private residential projects rose to their highest level since March 2007.

 

What did the left eye say to the right eye?
Between you and me, something smells.

 

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.
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