The market stabilized last week after the Fed boosted rates as was largely anticipated. Additionally the market gained momentum and actually finished better on Friday than when we started the week. Now that rates have slightly reduced, can the market continue the downward trend through this week?
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As predicted last week, the boost in the short term rate stabilized the market. Unfortunately for rates, unless some high profile economic releases tank this week in all likelihood the best we can hope for is for the market to continue sideways.
The reports due out this week that can make the most impact on rates are the Core CPI, and the Philadelphia Fed Index. In short, if either of these reports show an erosion or lower than expected numbers rates will likely fall – Although we believe this to be unlikely. However, if either or both these reports come in higher than expected, expect rates to continue on their upward trend. The good news is we believe both these reports will come in at expectations, and therefore rates should remain stable throughout the week.