Academy Mortgage Corporation’s Post

Transcript

Good morning and happy Thursday everyone. We hope you're having a great week. Yesterday. We did see the big news of the week and really the big news of the month that came out with the final Fed meeting of the year and it did not disappoint. We did have some significant market rally yesterday afternoon following that press conference. Now what we heard in the press release was that the Fed would pause on any further rate hikes. We also heard from the Fed and really Fed chair. Powell during the press conference after the decision that he basically said that inflation has eased from its highs and that the Fed is expecting at least three rate cuts in 2024 for next year. That comment alone caused markets to cheer. Rally was you know, quick to follow what he said, you know. But in addition to that, we did have some news this morning that was released. You know, we did see the release of the retail sales numbers for November. They came out this morning. They did show an increase. Of .3%, which was better than the expected point, 1% decline, but we saw in those numbers is that consumers really did begin their holiday shopping last month. You know, we also did have the release of the initial jobless claims this morning or last week. They came in lower than expected as well at 202,000 new claims. Now the expectation was that we would see something higher than that at around 220,000. So that again was a positive as well. But all that taken together you know and. Early after yesterday's Fed meeting, we are still seeing the fruits of what Fed Chair Powell said regarding rate cuts in 2024. That is our update for today. Again, reach out to us if you have any questions. We're here for you. Thanks.