Weekend Update
Date
- 08/18/2023
Market Update
- It’s been a rough week for mortgage rates. I know we are all feeling it. HANG IN THERE!
- On average, a recession starts 22 months after the Fed begins to hike rates. We are at month 17.
- Some say we won’t have a recession or will have a shallow recession. Others believe we’ll hav ea recession due to:
- The yield curve continues to be severely inverted
- The full slowdown impact from the Fed hikes has yet to be felt
- Consumer spending appears to strong, a lot of that is on credit though which can’t last forever. Outstanding credit card debt has surpassed $1T and is at near record high rates
- Student loan payments will begin again Oct 1
- Excess savings depleted from stimulus- was $500 billion in March and has fallen to $190 Billion in June.
08/25/2023
The big news this week is that the Feds are meeting in Jackson Hole, Wyoming for their big symposium
08/18/2023
It’s been a rough week for mortgage rates. I know we are all feeling it. HANG IN THERE!
05/26/2023
Credit Rating Agency Fitch said it is moving the US to “rating watch negative” Fitch is one of the 3 major credit rating agencies.
