Market News 10-19-2018
Minutes from last month’s Fed FOMC meeting showed officials broadly agreed on raising interest rates further. The next anticipated rate hike is in December. Retail sales rose slightly in September. Consumer spending ended the 3rd quarter with strong momentum and should boost further economic growth. Jobless claims dropped last week, suggesting a further tightening in the labor market. Americans on jobless rolls fell to the lowest levels seen since 1973.
Homebuilder sentiment improved in October as lumber prices fell. Builders still struggle with labor shortages but are generally optimistic. Housing starts fell slightly more than expected in September. However, most of the drop is in the South and is likely due to Hurricane Florence. Mortgage applications continued to drop from the previous week, though purchase applications were still 2.5% higher year-over-year.
|Year-to-Date Rate Tracking|