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West Town Savings Bank
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Monday, August 19, 2013Lock Advice:
7 Day – Locking
7-15 Day – Locking
15-30 Day – Locking
What is on the agenda for this week? DateTime (ET)Economic ReleaseActualMarket ExpectsPrior21-Aug7:00 AMMBA Mortgage Index-NA-4.70%21-Aug10:00 AMExisting Home Sales-5.20M5.08M21-Aug10:30 AMCrude Inventories-NA-2.812M21-Aug2:00 PMFOMC Minutes—22-Aug8:30 AMInitial Claims-337K320K22-Aug8:30 AMContinuing Claims-2959K2969K22-Aug9:00 AMFHFA Housing Price Index-NA0.70%22-Aug10:00 AMLeading Indicators-0.50%0.00%22-Aug10:30 AMNatural Gas Inventories-NA65 bcf23-Aug10:00 AMNew Home Sales-490K497K
We have a very light week for economic releases with Existing Home Sales and Weekly Initial Jobless Claims being the most important.
The most impactful events this week will not economic reports but Fed events. Wednesday's FOMC minutes will be a major driving force in pricing as traders look to see how much traction tapering talk had at the last FOMC meeting.
Thursday and Friday the market will focus on the Jackson Hole Wyoming meeting as Central Bankers and economists from around the world attend the retreat. Traders will be focusing on any discussion on the timing of the Fed's tapering of bond purchases and who the next Fed Chair will be.
Sentiment continues to mount that the Fed will taper in September. We will need some new commentary from the Fed's talking heads that changes trader's minds from expecting a taper in September to December for MBS to see any improvement in pricing.
"Modern Banking, Old Fashioned Values"
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