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Uploaded: 2024-09-27T22:58:31.044Z
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Brett Burns

Producing, Regional Vice President | Team Burns Bellevue | NMLS 320423, MLO 320423, CA DOC 320423, MLO 15775

Here’s your weekly market recap 📊, starting with the 10-year note closing prices: 📈 Monday: 3.739% 📉 Tuesday: 3.736% 📈 Wednesday: 3.781% 📈 Thursday: 3.791% 📉 Friday (current): 3.749% After hitting a recent low of 3.621% on September 16th, just before the FED meeting, we’ve seen a slight increase in the 10-year note and rates. However, today marks the first day of a slight decline 📉. There’s always a lot of speculation leading up to major events like FED meetings, especially this one as many anticipated the first rate drop in 4 years. The aftermath can be a bit counterintuitive, as markets take time to digest the news and adjust trading strategies. 📊 Inflation data just released showed better-than-expected results with yr/yr PCE at +2.2%, and the monthly CORE PCE has dropped for three consecutive months. The inflation target is now much closer to the FED’s goal, shifting their focus toward employment. 🏦 Next week will be an interesting one to watch—will today’s drop in the 10-year note lead to a downward trend? Stay tuned! 🔍 #MarketRecap #FinancialUpdate #BrettHomeLoans #FocusedOnYou #DirectorsMortgage

Transcript

Good morning, Happy Friday. It's Brett here directors with this week's Friday market recap. So it's always starting off with the closing prices of the 10 year note. Monday 3. 739, Tuesday 3.736, Wednesday 3.781, Thursday 3.791 and today down some 3.749 is the current price. So the recent low guys in the 10 year note was at 3.621 and this was on September 16th. Two days before the Fed meeting. Now interestingly enough, since then, you know, including the Fed meeting on the 18th with their announcement of A50 basis point reduction, 10 year note and interest rates actually been on a little bit trend upwards. Now that seems a little bit counterintuitive, but today was nice to see that first turn back on a downward trend for us. Now I'd like to mention there's always so much speculation and anticipation going into something like the Fed meeting, especially this one, as this was the first meeting widely expected that the feds would make a reduction. Which is the first in four years for us. So we got to remember when these things happen, there's a lot of built up again, speculation, anticipation, the event happens, then the markets got to adapt, digest and kind of move forward from then. So I think that explains a little bit of what why this last week was maybe a little bit of a counterintuitive move, but good to see that twist today of, you know, things turning back down and hopefully that creates a run for US. Inflation data did come out today and it showed slightly better than expected. The PCE year over year was at plus 2.2%. Not far off of the Fed's magical goal of 2% that we've heard about these last few years. Also monthly core PCE has now come down three months in a row. So very strong signs are now that's one more factor that kind of is shifting the Fed's attention to employment, which Powell alluded to in his speech. So I think that's the other key piece the markets adjusting to is everything has been focused on inflation for, you know, years from the Fed side. Now it's they're shifting their focus somewhat more to employment. So ultimately, guys, next week will be interesting to watch. Say, hey, we had this last week and a half since the Fed meeting rates kind of and the 10 year note drifted up a little bit as I think the market digested everything that occurred. Saw that little turn down today and hopefully we see that momentum build back down as it is widely expected to see it. Another tube reductions from the Fed this year and softening economic data. As always any questions feel free to reach out. Have a great weekend here and talk to you soon. Bye.

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