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Fed’s Beige Book: ‘Stabilization at Depressed Levels’
The Beige Book is a summary of economic conditions around the country. About a month before the upcoming FOMC meeting, each of the 12 regional Federal Reserve conducts interviews with local businesses, economists, banks, and researchers about their assessment of economic and business conditions in their respective region.rnrnThe findings are then published in the Beige Book. The results are used by the FOMC when deliberates over monetary policy decisions, thus the findings of the Beige Book can help forecast the direction short term interest rates may head in the near future.rn
MBA: Refinance Loan Applications Fall 16.8%. Purchase Apps Decline 7.6%
The Mortgage Banker's application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates home buying interest is increasing, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, a trend of increased refinance applications implies consumers are seeking out a lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items...or just an opportunity to
Stock Futures Lower Ahead of Earnings, Beige Book
Equities are looking to extend yesterday’s losses in this morning’s pre-trading session. The data schedule is light today with no major releases scheduled to hit markets in the morning, although in the afternoon investors will eye the Fed’s Beige Book, a comprehensive, anecdotal report on economic conditions across all 12 Federal Reserve Districts.rnrnJust before 7:00, the Dow is trading 47 points lower after shedding 5o points yesterday, putting the industrial led index just below the 10,000 threshold. S&P 500 futures are trading 5.7 points lower at 1,083.70.
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