Yesterday, the Trump administration put out a list of 1,300 China products it was considering hitting with tariffs. Then, last night in a swift response, China announced new tariffs on U.S. soybeans, planes, cars, whiskey and chemicals. The headlines have sent Stocks lower though they are off their worst levels. It is worth noting that there is no clear timeline on when these new proposed U.S. and China tariffs would take effect.
The first of two key labor market reports was released this morning showing that private employment growth was solid in March as the sector continues to grow. ADP reports that private employment grew by 241,000 new positions in March, above the 203,000 expected while February was revised to 246,000 from 235,000. Professional and business services led the gains with 44,000 new jobs.
Mortgage rates were unchanged in the latest week as Bond prices remained steady after their big decline that began back in early January. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate conforming mortgage was unchanged in the latest week at 4.69% with points at 0.43. In addition, the MBA reported that the refinance index fell 5% while the purchase index decreased 2%.
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