Our Real Estate Blog

August 9th, 2010 9:22 AM
Last Week; Last week brought us more mixed economic news. The two ISM reports remain above contraction levels but are weakening. The bigger-than-expected drop in factory orders made sense after we saw the continued decline in orders from the ISM reports. Auto and truck sales were up for July but sales could crash if employment and incomes weaken. Personal income and spending were flat in June so no surprise that the consumer is still on the sidelines as we expect confirmed by this Friday’s July retail sales report. The employment reports were as bad as expected.

This Week; Treasury will auction a total of $74B of 23 yr, 10 yr and 30 yr issues in the Quarterly refunding; the auctions will be a real test of the new low treasury rates and mortgages. Economic data isn't much of a factor until Thursday with weekly unemployment claims and Friday with July retail sales, July consumer price index and the mid-month U. of Michigan consumer sentiment index. The FOMC meets on Tuesday for a one day meeting with its policy statement out at 2:15 pm. The statement won't likely be anything new; the economic is struggling and consumers still not increasing spending month, about what the FOMC said last month. The statement will re-affirm that the Fed will leave rates low for an extended period. Look for US interest rates to be choppy with pressure into Wednesday when treasury will auction $24B of 10 yr notes.
Posted by Lehel Szucs on August 9th, 2010 9:22 AMPost a Comment (0)
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