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Glocker Group Realty Results
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With the start of the new year, we saw positive inflation data out of Germany and France, with data starting to come in below expectations and show that inflation may be cooling there. We saw plenty of Fed speakers this week, with the main theme that they are expecting to continue to raise rates and hold them higher for longer. The jobs report on Friday morning showed a nice move lower in Average Hourly Earnings (AHE) from what the market was expecting, helping bond yields move lower on Friday morning. Next week we have CPI on Thursday, which is a very important data point for the economy and mortgage rates.

 

• Mortgage Applications fell 10.3% this week

 

• US 10-year Treasury is at 3.64% on Thursday morning

 

• ISM Manufacturing index came in-line with analyst's expectations (48.4 vs expectations of 48.5)

 

• JOLTS Job Openings came in above analyst's expectations (10.458 million jobs vs expectations of10.050 million jobs)

 

• Change in nonfarm payrolls came in over analyst's expectations (223k vs expectations of 203k), while Average Hourly Earnings came in below analyst's expectations (0.3% m/m vs expectations of 0.4% m/m)

 

• Initial Jobless claims came in under analyst's expectations (204k vs expectations of 225k)