Market Commentary November 6 2017

Dated: 11/07/2017

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Nov 06, 2017

Mortgage rates fell last week as both equities and bonds experienced rallies.  The rallies were steady largely throughout the week with little market volatility around either the FOMC Meeting or President Trump’s announcement of Jerome Powell as his nominee for the next Fed chair. 

This week is a very light week in terms of economic data to be released.  However, we’ll almost certainly have plenty of news flow on the US tax plan. Monday will kick start the process for markups of the tax bill and the House is expected to vote on a final draft toward the end of the week. At the same time, the Senate will release its own version of the bill, which could differ significantly from the House’s.  With Fed Governor Powell’s nomination as the next Fed Chair now official, economists will be taking a closer look at the key implications of what this could mean for the markets, including: i) continuity of monetary policy, ii) reasonably high degree of continuity in terms of leadership style, and iii) changes to the Fed’s communication policy. 
Economic Calendar for the week of 11/06/2016 to 11/10/2016:

Monday: N/A

Tuesday: Jolts Job Openings

Wednesday: MBA Mortgage Applications

Thursday: Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, and Wholesale Inventories

Friday:University of Michigan Sentiment

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