Incoming Treasury Janet Yellen is working with Fed Chairman Jerome Powell to undo Treasury Secretary Mnuchin’s cancellation of Treasury stimulus programs.
After two weeks of decreasing numbers, mortgage applications increased 3.9% last week, according to a report from the Mortgage Bankers Association. Refinance applications climbed even higher.
MBA Mortgage Refi applications continue to rise as mortgage rates continue to fall.
On the hot button topics of US Dollar, Gold, S&P500 index, and Bitcoin, we can see Gold and the US Dollar continuing to fall while Bitcoin continues to soar. The S&P500 continues to “flood-up” with money printing.
(Bloomberg) — Fed Chair Jerome Powell will likely avoid discussing election results at Thursday’s FOMC press conference and instead stress the urgency for further fiscal support while remaining neutral on what shape and form it should take.We expect the resurgence in virus cases, and its potential impact on the economic outlook, to take center stage in the central bank’s communication.
Code for further government shutdowns.
The reaction in the bond markets? The 10Y Treasury yield declined 12.5 basis points.
And the 10Y-3M yield curve slope dropped as well.
Short-term Treasury volatility crashed as the Blue Wave fantasy failed to materialize.
The spot metal has posted two straight weekly gains, and at least one technical signal is pointing to further increases. Bullion’s moving average convergence-divergence indicator, a gauge of price momentum, crossed above the so-called signal line last week for the first time since early August in a bullish sign for traders who follow price patterns.