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The Day Ahead: CPI, Retail Sales, Existing Home Sales, FOMC Minutes
Inflation is not to be found according to the latest CPI report-giving the Fed room to continue QE if chosen. Headline inflation dipped 0.1 percent in October after rising 0.2 percent the prior month. The CPI excluding food and energy rose 0.1 percent in both October and September.Retail Sales in October were moderately healthy with more components positive than not. Overall retail sales gained 0.4 percent after no change in September. Market expectations were for a flat October.Housing appears to be slowing with Existing Home Sales down 3.2 percent in October to a 5.12 million annual sales rate. Weakness, for the 3rd month in a row, is centered in the key single-family component which is down 4.1 percent following a 1.5 percent decline in September.FOMC Minuteslater today. Yesterday, Fed Chairman Ben Bernanke spoke in general terms on monetary policy. He emphasized that communications is now a key part of FOMC decisions. He indicated that monetary policy is likely to be loose for some time although policy is still dependent on the economy, especially the labor market. He endorsed comments by Fed vice chair Janet Yellen during her Senate confirmation hearing.
Dow is trading at 15,967 +19 the 10 yr bond is at 2.69 from 2.68 Yesterday, . Currently point structure isslightly higherfrom Yesterday
Conv. –4.25%
FHA. – 3.875%
Jumbo – 3.875%
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