US Mortgage Applications Rise Again
The Mortgage Bankers Association has just published this week’s Mortgage Applications data. New applications have risen 4.3% on the week following on from last week’s 1.6% drop.
These slight blips in the mortgage figures are not cause for concern, the US housing recovery is robust and it is natural to notice some volatility in short term indicators such as this.
Federal Reserve chair, Janet Yellen, will this evening address the Economic Club of New York. Basking in the recent acclamation from the International Monetary Fund (IMF) it is likely to be an upbeat speech from Yellen. Markets however will be watching for two things in particular.
Firstly, how the Fed intends to react, if it reacts at all, to the recent upgrade to the US growth forecasts. There is now wide acceptance of the Fed’s long term plans to maintain their ‘accommodative’ stance towards monetary policy. If, as it now looks, that the recovery is taking hold at a faster pace than originally allowed for, will this truncate the Fed’s accommodative timeline. The Federal Reserve tends not to do surprises and so it is a speech like this evenings that would be used to subtly tee up any change to policy outlook.
Secondly, although the IMF commended the US authorities for their handling of the economy they also took the opportunity to outline some potentially problematic areas of the US recovery. Prime among these is the country’s apparent dependence on consumer lead growth to fuel the economic come back, the IMF was very clear that the US is not investing enough in the economy. This comment was mainly aimed at the US Fiscal authorities who the IMF are suggesting have neglected infrastructural opportunities that would create construction jobs and facilitate longer term growth. Comments from the Fed on the Governments performance will be watched for with interest.
- Exterran Holdings Nominates Five New Directors to Its Board 1 view
- FOREX FORECAST FOR 6-10 APRIL 2015 1 view
- Cigna Study: More than One-Fourth of U.S. Consumers with Dental Insurance Don’t Take Advantage of Their Coverage for Preventive Checkups 1 view
- NASDAQ Breaks Out on Robust Momentum 1 view
- Canadian Retail Sales Could Show Modest Improvement in February 1 view
- Dennis J. DeCore Joins Comstock Capital Value Fund 1 view
- Eurozone Inflation Remains Perilously Low 1 view
- Strong Dollar Drives Commodities Losses 1 view
- New Relic Announces Pricing of Initial Public Offering 1 view
- Western Union Offers Apple PayTM as New Pay-In Option for Money Transfer Customers 1 view
|Forex Broker Spreads »|
|Most Popular Articles »|
- Hulk Hogan(R), Chris Jericho(R), PaigeTM and Daniel Bryan(R) Headline New Season of WWE TOUGH ENOUGH(R) on USA Network Launching June 23 1 view
- US dollar rebounds as Ukraine tensions ease 1 view
- Canadian Dollar Treads Water on Divergent Data Releases 1 view
- UK Economy Said to Have Expanded 0.9% in Q1: NIESR 1 view
- Genesee & Wyoming Inc. Enters into Agreement to Acquire Freightliner Group Limited; Expands Rail Operations in the United Kingdom, Continental Europe and Australia 1 view
- US Housing Starts Rise Nearly 30 Percent YOY 1 view
- US Dollar Index Gains as Euro, Pound Edge Lower 1 view
- The Federal Reserve Begins Its Two Day Meeting Today 1 view
- Daily Commentary – Forex Analysis 26/03/15 1 view
- Canadian Dollar Recovers from 3-Month Low as Trade Surplus Improves 1 view