MBS OPEN: Retail Sales and Jobless Claims Weaker
Posted To:MBS Commentary
Good Morning Everyone. Rate sheet rebate and the “relief rally” suffered a setback yesterday afternoon following a marginally above average 10 year note auction yesterday. The tide has however turned this morning thanks to a round of weaker than expected economic data: RETAIL SALES and JOBLESS CLAIMS The Commerce Department reports that Retail Sales fell 0.3% in December. This is much worse than the +0.5% print economist were expecting. Excluding autos, retail sales were down 0.2%…still worse than expected. On the upside, which hasn't had much traction in the bond market, November retail sales were revised up from +1.3% to +1.8%…that is a noticeable revision. Leading the way lower was a 2.6% plunge in electronics and appliances sales. Miscellaneous store retails fell 1.0%…(read more)
This mortgage update is brought to you by: Adam Quinones – You can read the full article at MBS OPEN: Retail Sales and Jobless Claims Weaker
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