SURGING OIL PRICES.
Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia announced significant production cuts. This could push oil prices toward $100 per barrel, which would cause more energy inflation in the economy. Mortgage pricing may get worse on the news because higher inflation could lead to ongoing elevated interest rates. Remember, inflation is especially bad for lending and mortgage rates.
THIS WEEK'S ECONOMIC REPORTS.
The economic calendar is quite full this week. The most notable report is the March Non-Farms Payrolls report scheduled for release on Friday. The Fed may feel a need to continue hiking rates if Friday's jobs numbers come out strong. Other economic reports that may be of particular interest to bond investors and the housing market include:
Monday: Construction Spending, ISM Manufacturing Index
Tuesday: Factory Orders, JOLTS Job Openings Report
Wednesday: ADP National Employment, ISM Non-Manufacturing Index
Thursday: Initial Jobless Claims
Friday: March Non-Farm Payrolls, Unemployment Rate, Average Earnings
Information derived from momentifi
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