- Credit Rating Agency Fitch said it is moving the US to “rating watch negative” Fitch is one of the 3 major credit rating agencies.
- Kevin McCarthy says he thinks we’re going to get a deal done on the debt ceiling soon. If a deal gets done, it can help as long as they don’t throw in a bunch of new spending.
- Some of the Fed members are still saying they think they should do some more hikes, but indications are that they’ll pause or not do it at all.
- 60% chance of a pause at the next meeting in June
- Pending home sales on existing homes was flat from previous month, 20% down year-over-year. Big decline in sales in the North East, but everywhere else actually sold more. Not enough inventory is the cause.
- 30 day delinquencies went from 3% to 2.6%, 90+ went up 1.2% to 1.4% People are struggling. Foreclosures are at .3%.
- PCE is coming out tomorrow and it won’t move the market much. The Core rate is coming up in June 13th and that number should be favorable.