Market Update - Time To Push Debt Out

By November 16, 2017

Without a doubt debt has been very cheap for the past several years. Not to mention record low interest rates and fiscal stimulus have pushed up asset prices following the financial crisis. The stock market has pushed higher and higher as have real estate prices. But so has the debt load of the US Government, the US homeowner as well as college students around the nation. In fact the total US Household Debt has reached $13 trillion, $280 billion higher than in 2008 as the financial crisis unfolded.  We’ve been told that the loans made today are of much higher quality than loans made before the financial crisis. That’s certainly true with mortgages but what about other types of debt? Subprime auto is experiencing heavy losses nearing pre-crisis levels, student loan debt has reached $1.4 trillion with a 11.2% 90-day delinquency rate and credit card balances continued to riseMortgages have become the safe form of debt but other forms are becoming very risky. What’s the solution?

As it stands today tax reform likely won’t be passed in its current form. Certainly any type of stimulation to the economy could cure the current debt problems (and potential crisis for students). If nothing is done it’s going to be very difficult to continue to borrow our way into prosperity. And that’s where rates come into play…

If you’ve been watching the market you’ve seen short term rates via the Federal Reserve continue to rise while long term rates have remained relatively flat. See the chart below that represents the spread between the 2yr and 10yr Treasuries. As you can see over the last 8+ years the spread has nearly collapsed, meaning it’s becoming cheaper to borrow over the long term relative to the short term. This is often referred to as a flattening of the yield curve. It’s generally a result of the Federal Reserve raising interest rates and a low growth and inflation outlook for the longer term. Yes there are some supply and demand effects as well. So why care?

As a mortgage banker it certainly is an encouraging sign on the likely long term path of lower interest rates. It also serves as economic encouragement for borrowers to take debt over longer periods of time. If it costs the same to borrow for thirty years versus two years, why not borrow for thirty? And given the equity that has built up over the last several years in real estate, most homeowners have a very effective method to borrow debt versus other forms, especially considering the tax advantage of a home mortgage.

The 10yr is currently at 2.32% versus the average for all of 2017 at 2.32%. The entire range for 2017 has been very tight with it trading between 2.04% and 2.62%. 2018 however could be a very different year with a new Fed Chair (yes Janet Yellen is being replaced by President Trump). We will also see how inflation plays out now that the FOMC has raised twice in 2017 and possibly a third time will come in December. The current odds of a December hike are 92% and a 50% chance of two hikes in 2018. I’m going to call 2018 as a make or break year for the Federal Reserve. They are raising rates, so let’s sit back and see how this plays out. Not to mention a flattening yield curve. If it goes negative (2yr yield is higher than the 10yr yield) then hang onto your hat.



2 yr - 10 yr spread


Market Update - Halloween Edition

By October 27, 2017

Hello everyone and welcome back to the Mortgage Rundown brought to you by New American Funding.  Today I’m going to review what’s happened in the markets these past 12 months and my predictions for the future.

The end of 2016 saw interest rates move higher by 70bps right after around the election of a new US President.  Republicans retained house and senate majority and looked to advance their agendas on tax reform, health care reform and infrastructure spending.  The 10yr finished 2016 at 2.45% and as you can see on your screen it reached an all-time low in July at 1.36%.

In the 1st quarter of 2017, fears of inflation have plagued the markets with many economists calling for the Federal Reserve to raise rates 4 times this year.  Core PCE has almost reached 1.9% and the unemployment rate is right around 4.7%.   The Fed’s dual mandate of below 5% unemployment and 2% inflation is about to be met.  As you can see on this graphic unemployment has been falling continually since 2009.

The 2nd quarter saw inflation falling at a dangerous pace and suddenly the market doesn’t believe the Fed can raise 4 times in 2017.  The market believes that tax reform and health care reform are still on the table.  The 10yr Treasury moved very little.  It started the quarter at 2.38% and finished the quarter at 2.31%.  The graph on your screen shows the change in inflation over the past five years.

The 3rd quarter brought more bad news on inflation with Core PCE and CPI below 2%.   There were two FOMC meetings in Q3 but the Fed made no changes to the benchmark rate during either session. Over the quarter there was rate volatility as the 10yr fell to 2.04% before climbing all the way to 2.33% by September 30th.   

The fourth quarter has begun with a more hawkish tone as there is now an 80% chance the Fed raises rates in December.  Keep a close eye out for more inflation data from October.

Looking into the future, my prediction is that tax overhaul and health care overhaul will continue to stall.  Inflation without an overhauled tax code will remain relatively low.  The Fed’s unwinding of the balance sheet will take precedence over interest rate increases and last but not least the 10yr will remain below 3%.

6 Tips For Managing Your Financial Reputation

By September 29, 2017

6 Tips For Managing Your Financial Reputation

ipad security symbol

Consumers and Loan Officers received a wake-up call in early September with the announcement of a data breach at Equifax Inc., one of the three credit-reporting bureaus. While such lapses happen, one of this size and scope occurring at a firm some consumers pay to protect their financial information—and others have no direct relationship with—highlights the need for added vigilance. Whether it was your information that was compromised or information you use in your job, greater care and awareness about safeguarding personal and financial information may be warranted.

What to Do

Generally, people gravitate to one of two extremes. Either they accept that breaches happen and do little to protect their information or they allow their anxiety to make them overly cautious. The best response resides somewhere in between, by being preventative and regularly monitoring your information even as your lenders, banks, and credit card issuers do the same.

The following tips will help you take quick action if you suspect an attempt is being made to improperly access or use your information.

#1: Stay informed. When you hear of a breach, be proactive. Find out if you were directly impacted instead of waiting for the company to reach out to you. In the Equifax matter, you can find out if you are among the 143 million affected by visiting The site will also provide you with a course of action if you were.

#2: Put your information on lockdown. Freeze your record at each of the three credit bureaus: Equifax, Experien and TransUnion. Fortunately, you need only call one of the firms to initiate a freeze at all three. You can always grant access to your credit report once you enter the mortgage process through a temporary lift of the freeze. Then, you can speak with your lender about the right time to put the lock back on.

#3: Resist the urge to click. When you receive emails looking to confirm financial or personal information, don’t. No matter how official the email looks, pick up the phone and call the institution using a number you found that’s not on the email to confirm what information is needed and why.

#4: Monitor your information. Periodically check your own credit report. You can order copies at Signing up for an alert service is fine, but it only notifies you to activity after the fact. That enables you to take action, but it is not preventive.

#5: File your tax return as early as possible. Thieves who gain access to Social Security numbers often attempt to file earlier than you in hope of a snagging a tax refund. While the IRS is vigilant and has a protocol to guard against this type of fraud, it helps to be defensive and file early, even if you have to amend later.

#6: Change passwords regularly and agree to two-step verification processes. Many firms will now text you an access code before allowing you to reset a password. Additionally, some financial companies want to verify your identity, even if you entered the correct user name/password combination, by texting a confirmation number to your phone. Agreeing to this extra step creates an added layer of security.

Keeping your personal information safe is the goal. However, should you have any reason to suspect it has been compromised, report the theft and contact your state’s attorney general’s office. Also, notify your financial institutions. Being proactive is your secret advantage when keeping your information and finances safe.

Market Update - A Potential Game Changer

By September 8, 2017

Market Update - A Potential Game Changer

Don’t look now but the 10yr yield is almost trading with a 1 handle.  With the 10yr down 37bps on the year and now trading at 2.06%, 1.99% is just in sight.  This is a psychological barrier that could spark a game changing attitude about growth and the long term prospects for rates.   The market was defiant at the start of the year with most calling for 4 increases to the benchmark rate.  As of right now two increases, the one in March and the one in June are probably all that we will see in 2017.   The hawkish Fed of 2017 is now back-peddling on rates.  Just this week Kaplan said he wants to wait and see on inflation.  Brainard said the Fed should move more slowly on rates until inflation is above 2 percent and Kashkari said the Fed may have already gone too far with rate increases.  That’s about as dovish as you will hear the Fed given their stance earlier this year.   The current odds for a Fed increase in December is 25% and depending upon whether or not Irma strikes Florida, that could drop materially.

But before claiming victory we need to get below 2%.  There is a good possibility the 10yr starts trading between 1.80 and 2.00%.   The current 2.06% level is more transitory.  It might pop back up between 2.10 and 2.40% or fall to a refi-inducing sub 2%.   Incremental escalations with North Korea and/or Hurricane Irma should do it.  A hurricane hitting south Florida will likely do significant damage and FEMA is almost out of money.  The debt ceiling debate is still to be had and tax reform is taking a backseat to immigration reform.  The dislocation in Washington is so large that action seems impossible.    Hopefully politics will play themselves out and legislation is forthcoming.  As it stands with another major hurricane on the horizon, things look bleak and that’s why the market has broken 2.10%. 

Let me repeat however that we have not broken 2.00%.  See graph below on the 10yr for the past year and a half.  



10 yr treasury


You may be wondering about inflation in all of this.  Not to worry as it hasn’t gone anywhere but down.  See below for PCE as it has fallen below 1.5%.  So much for the Fed’s target of 2.0% and their expectation we would reach it by year end.  Time to re-adjust their forecast or perhaps Kashkari was right by saying that maybe the Fed went too far already.  I’ve been a big critic of the Fed and their excessive optimism but we have to live by what the market’s opinion is and the falling 10yr and flattening yield curve suggests the market is becoming very pessimistic.  More bad news will be a game changer.



Core PCE


Market Update - Interest Rates and Low Inflation

By August 24, 2017


Hello everyone and welcome back to the Mortgage Rundown.

Today we are going to talk about interest rates and low inflation. 

With almost 8 months of 2017 now gone, interest rates are enjoying one of the longest runs of low volatility since the financial crisis.  Take a look at the graph on your screen which plots the 10yr Treasury for all of 2017.  Note that the 10yr is actually down on the year and this is in spite of the fact that the Fed raised interest rates in both March and June.  There are still three FOMC meetings left this year but the odds of the Fed raising rates a third time have fallen to only 30%.

The 10yr has settled into a range between 2.10 and 2.40% and this is primarily driven by low inflation, the lack of tax reform and lack of health care reform.   Speaking of inflation, please note on your screen the Fed’s preferred inflation measurement, Core PCE.  The line in red indicates the Fed’s target of 2% and as you can see, other than for a few months in 2012, inflation has remained below the Fed’s target for over 7 years.

Inflation was nearing close to the Fed’s target in 2016 and post-election there was a lot of optimism that inflation would continue to rise.  Fortunately for interest rates inflation has continued to fall and now the Fed is forced to make a potentially controversial decision on what to do with both interest rates and the balance sheet for the remainder of the year.   As of right now the Fed is telling the market they will likely shrink the balance sheet in lieu of any interest rate increases. 

In the coming weeks you should keep an eye on the following items:

  1. Next week brings very important GDP data for the 2nd quarter in addition to Core PCE
  2. Next Friday is non-farm payrolls and the unemployment rate
  3. Continue to watch corporate earnings as well as any talk of the debt ceiling.



Core PCE




Market Update - Inflation Conundrum

By August 4, 2017

Alan Greenspan in 2005 referred to the bond market as a “conundrum” when the Fed had raised rates 150bps yet longer term bond yields were falling.  And at the same time the dollar was falling and stock prices were rising.   His successor, Ben Bernanke, had his own conundrum.  Long periods of lower rates encourage excessive risk taking but rising rates could create large losses in the financial system.  As the FOMC has moved over to Chair Janet Yellen, there is a new conundrum that has similar markings of the old ones.  The FOMC is raising short term rates and seeing no lift in longer term rates.  That doesn’t seem to be moving the long term rates needle so now they are discussing unwinding the balance sheet to force longer term rates higher.  Will that work or backfire?

The problem the Fed faces is due to the inflation expectations that they laid out for the market.  The belief they would soon be hitting 2.0% inflation has become 1.8% and may soon become 1.6%.  Lowering the bar does not raise the market nor does it instill confidence in the economy, or the Fed.  The inflation conundrum is really the inflation expectations conundrum.  How does the Fed raise rates (at both ends of the curve – short and long term) when inflation is stubbornly low?  The market certainly doesn’t think the Fed can do it as they are only pricing in a 38% chance of a raise in rates by December.  Remember earlier this year when some were calling for four increases this year, guaranteed?  The Fed set this trap for themselves and now they must deal with it.   But how do they fix the situation?

The Fed might have to wait for fiscal policy, actual legislation out of Washington.  That’s a scary thought because the prospects of tax reform, health care reform or infrastructure spending making its way through the legislature to the President for signature seems remote.   At this point I think the Fed realizes they are alone in dealing with this conundrum.  In all honesty their best bet is to shrink the balance sheet and hope the market follows suit, allowing longer term rates to move higher.  But there is always the chance this backfires and long term rates come down.   Don’t forget the Fed is still considering issuing even longer dated bonds and the debt ceiling isn’t going anywhere. 

All of this may hinge on inflation and inflation expectations.  See graph below of the Fed’s preferred inflation measurement for the past 5 years.  Rising to 2.0% doesn’t seem as easy as it did in 2016.



Market Update - Inflation Conundrum


The 10yr Treasury is at 2.26% while the 2yr trades at 1.36% (inly 90bps between them).  The average last year during the refi boom was 99bps.  In 2015 it was 143bps and in 2014, 207bps.  Yes the yield curve continues to flatten and it’s letting the Fed know they are bumping up against a wall in yields.  


Market Update - Undiscovered Country

By July 18, 2017

Unwinding unprecedented stimulus is no easy task. I don’t envy the Fed’s position of raising interest rates to a more sustainable level as well as reducing the balance sheet, the $4.5 trillion balance sheet. And don’t forget to not scare the stock and bond markets, protect the labor market and maintain pricing stability with good GDP growth. Not to mention leaving out politics, fiscal policy, health care reform, tax reform and other items beyond the Fed’s control.

So when Core PCE was trending at close to 1.8% year over year in January, a new administration with huge growth plans was in office and all seemed right with the world; the prospect of three or maybe four rate raises this year seemed very palatable. Six months into the year, the labor market is strong, however Core PCE year over year is now down to 1.4% and potentially still falling, the Fed has raised interest rates twice with the possibility of a third AND they are considering reducing the balance sheet simultaneously; not to mention failure on both tax and health care overhaul so far. Doesn’t it seem a little premature to celebrate?

See chart below which plots the Fed Funds target rate versus Core PCE year over year. As you can see most recently the Fed Funds rate continues to move higher at the same time that Core PCE is coming down. Is the Fed acting too soon or are they acting appropriately given that Fed policy decisions today affect inflation figures months down the road?

Cut plain and simple, if the blue line continues to drop then the Fed was wrong. They will need to stop raising rates, potentially lower rates depending upon how low inflation goes and get a big ‘I told you so’ from the market. If Core PCE moves up and stays above the 1.5% annual rate then the Fed likely acted appropriately. But it’s still not that simple: raising rates is one thing and reducing the balance sheet is another. One has been done with moderate success many times while the other has never been done. Ben Bernanke was skewered for mentioning the tapering of asset purchases in 2013 and saw rates rise 100bps in 90 days for even suggesting it. The actual act of reducing the balance sheet will have unknown consequences.

There is a 99% chance the Fed will be second-guessed no matter which way they decide to go: raise rates, reduce the balance sheet or both. For the Fed to back off either stance would be a major display of weakness. More likely than not the Fed will move forward as it might be too late to change their mind. Of course I say that with some sarcasm. How many times has the Fed predicted rate increases for the year and not followed through with them?

Keep a close eye on inflation because this could be a wild ride.

Market Update: Taking Action

By June 26, 2017

The FOMC meeting this week will go down as one of the most memorable in recent history.  Yes the Fed raised the benchmark rate 25 basis points into a range between 1.00% and 1.25%, which was widely accepted.  Where the Fed surprised markets is announcing a plan to wind down the balance sheet (and 8 years of stimulus with it).   The Fed plans to reduce their $4.5 trillion balance sheet through two mechanisms.  They will start by reducing the balance sheet by $6 billion a month in Treasuries and $4 billion a month in mortgage-backed securities.  This amount will increase over time until they reduce the balance sheet at a pace of $50 billion per month (or $600 billion a year).   Once the balance sheet is reduced to approximately $2 trillion then the wind down should stop.


The Fed also updated its forecasts for interest rates and inflation.  The projection for inflation for 2017 was reduced to 1.6% from 1.9% and the Fed still anticipates one more rate increase this year but three next year.  If the Fed follows through with those increases then the FOMC’s benchmark overnight rate would be 2.13%.  Currently the 10yr Treasury is trading at 2.13%.  Let that sink it.  The overnight borrowing rate will be 2.13% in a year and half but an investment earning 2.13% annually would require an investor to tie up their funds in Treasuries for 10 years!  Why buy a 10yr Treasury?


Or to put it another way, the FOMC raised rates 25bps this week and long term rates dropped.  The yield curve continues to flatten (see graph below) while the Fed is forcing their narrative on the market.  They want to remove accommodation, build support for future rate changes in case of economic retraction and simultaneously not spook markets or liquidity.  One would expect with this announcement that the markets would price longer term Treasuries at a higher yield and mortgage rates would follow.  Recall that Ben Bernanke during 2013 mentioned the possibility of unwinding some stimulus and that sent rates up 100bps.  With this meeting the market had already priced in the rate increase but did not expect the balance sheet announcement.  Rates didn’t move higher because the long term Treasury market is not very concerned about inflation of any form and likely believes the Fed will have to lower rates sometime in the future.


This is a very dangerous game being played and the flattening of the yield curve should be taken seriously.  How the Fed unwinds the balance sheet (with or without rate increases) could profoundly affect rates.  I’m sure they will clarify if the unwinding is in lieu of the increase or in addition to.   Either way be cautious of rate volatility.  If the Fed is right, longer term rates are moving much higher.  If the market is right, the Fed will have to lower short term rates.


Side note: this isn’t the only threat to interest rates.  Tax reform, GSE reform and regulatory reform are all under review and reconsideration.  Any changes there could drastically affect interest rates and the housing market.  Please get involved and let your voices be heard.  We are at a pivotal point and our legislators are listening.  The new administration needs feedback and support before anything is written into law.  See link below on joining the Mortgage Action Alliance to support our industry and homeowners

Watch the video here!


Market Update- Reflation vs. Inflation

By March 28, 2017

Market Update

Date: March 28, 2017

Reflation is different than inflation.

  • Inflation is widely considered “bad”, which are price increases beyond the long-term trend line of what’s considered price stability.
  • Reflation on the other hand is a recovery of prices when they’ve fallen below the long-term trend line.  

The “Reflation Trade” began right after Election Day and has been a “Great Rotation” from bonds into other asset classes, especially stocks. Stocks have climbed about 15% since the election while bond yields (along with mortgage yields) were up 75bps.  Remember prior to the move 2 weeks ago, the Fed only raised rates 25bps since the election but bond yields moved up 75bps.

The Federal Reserve had prognosticated three rate increases for 2017 and three increases for 2018 leading into the FOMC meeting. Going into the meeting was this notion that reflation is about to turn into inflation. The 2% target by the Fed would likely be exceeded thanks to tax reform and infrastructure spending. The “Animal Spirits” were awakened and suddenly the market was pricing in 100% chance of a raise at the March meeting with many pricing in four moves by the Fed in 2017 and 2018.  The 10-year was at 2.60% going into the FOMC meeting last week and once they raised the benchmark rate, Treasury yields and mortgage rates dropped.

Wait what?!

If you thought mortgage rates were going to rise then you were with the 95% majority that thought the same thing. The market got ahead of itself with the Fed and the Fed told the market the exact same thing it said in December and February. They expect to raise rates three times in 2017 and three times in 2018.  The market wanted either four times in 2017 or four times in 2018. The market got caught shorting Treasuries into the Fed meeting and were forced to cover (buy them back), sending Treasury yields and mortgage yields back toward the lower end of this 2.30-2.60% range. Today, the 10-year is at 2.42% and if this range sounds familiar, it’s because we are coming up on almost 4 months of trading here.  When will we break out of this range?

I would call it a 60% chance of breaking the range to the upside versus 40% to the downside.  The market wants higher returns and wants rates to move higher; they want the reflation trade.  The Fed would love to raise rates to put more dry powder in their gun.  However, for rates to move higher, plain and simple there needs to be more inflation. Year over year Core PCE at 1.74% isn’t exactly a level that should send bond yields racing higher. The FOMC did say they still plan to raise rates three times in 2016 and three times in 2017. That’s not something to be taken likely, especially with business and consumer confidence higher. And that’s why I say 60%, out of respect for the power the Fed has, but the 40% also has a solid argument.

For rates to drop a few things would need to happen but the big two are inflation and jobs.  If Core PCE year over year drops or job gains start to erode and the unemployment rate rises there could be a massive reversal and bond yields could break down below 2.30%. If they break through the lower side, they could drop all the way to 1.80%. The chance of that happening in 2017 is relatively low as there would likely be some warning signs now.  Also take note of the Dot Plot, the Fed’s prediction of future rate changes:  two particular members don’t believe the Fed should raise any more in 2017 and one doesn’t think they should raise in 2018 as well.  How is that possible?  The doves (lower rate members) believe the Fed can wait longer because this isn’t an environment for fast moving inflation whatsoever and it’s a viewpoint I agree with.  Unemployment is holding steady but isn’t dropping even with rates this low, commodity prices are coming down, the stock market is very frothy, there is still a debt ceiling battle, tax reform battle, infrastructure battle and health care overhaul battle upcoming with no clear signs on direction.  Last but not least the economic environment in Europe is uncertain as the actual Brexit is scheduled to begin and there is talk of Frexit (French exit from the EU). Nationalist movements will limit economic activity and bring rates down.  With the amount of debt being incurred across the globe and the inability to balance budgets, governments may decide a more nationalist approach is the lesser of two evils.  That is speculation but the point remains there are serious unknown risks out there.

Watch the video here on this market update!

Market Update: Time for Reflection

By March 15, 2017

It is without a doubt that if you were an investor in March of 2009, you should have bought stocks when uncertainty around the economic future, thanks to the Financial Crisis, was at its peak. March 9th marked the 8-year anniversary of the "bottom".

  • S&P 500 traded at 676 on March 9th, 2009 and has since risen to 2,370 today.
  • The economy is in much better shape today than it was 8 years ago, thanks to low interest rates, economic stimulus, and quantitative easing (QE) programs.
  • Prospects for the future are near a peak not seen in a decade with optimism around tax cuts, infrastructure spending, and the release of untapped potential via regulation changes.
  • Price to earnings (PE) ratios on the S&P 500 have increased steadily since 2009 from the low 11's to almost 22 today. That means investors are willing to spend twice as much today as they did in 2009 for the same earnings stream.

What’s the difference?

The environment.

In 2009 earnings were expected to go down versus today they are expected to keep rising. So…are stocks overpriced?

Investors must choose between a whole variety of investments and generally cash is not a good option. Whether it be stocks, government bonds, corporate bonds, or commodities, it really depends on one's appetite for risk and desired return, plus potential statutory obligations.

For simplicity sake let's assume an investor today must decide between stocks and bonds. Would you rather own a potentially overpriced stock but potential upside with legislative changes or a bond with a low yield and potential inflation on the horizon? 

If one purchases a 10-year treasury at a yield of 2.55% and inflation is 2%, then the real yield is only 0.55%. Bonds seem much more unattractive if you believe the growth story that buzzes around the market. The stock market and bond market are not in agreement. Stocks are trading at all-time highs and the 10-year is still trading under this resistance level of 2.60%. Not to mention both the non-farm payroll report and FOMC meeting are right around the corner. Is someone in for a surprise or will this divergence of opinion continue?

The market has completely priced in a 25bps increase to the Fed Funds Rate this week. With a strong payroll report there are a lot of whispers of four potential increases this year instead of the three predicted by the Fed. Remember the Fed must meet its dual statutory mandate of full employment (5% or less) and stable inflation (around 2%). It's safe to say that they have met the employment mandate with the unemployment rate around 4.7-4.8%. Inflation has long been the challenge and core PCE (the Fed's preferred measurement) was released last week showing a year over year change of 1.7%. The Fed will raise when it feels that inflation will move to 2% or higher.

To illustrate the dual mandates, see graph below. I 've circled the current inflation measurement and it's not exactly screaming "raise rates!". That's where the Fed must turn to leading indicators of inflation and that makes the rate decision tricky.

On the inflationary side, consumer spending is up, as are wages with the possibility of tax cuts and infrastructure spending on the horizon. It's even argued that the expectation of inflation ultimately causes inflation.

On the deflationary side, oil and gold are down, higher interest rates strengthen the dollar and that hurts exports, not to mention considering how low unemployment has been, wage inflation should have already accelerated. Not to forget a potential global trade war coming and an administration that has openly stated the dollar is overvalued. 

Short term rates might move higher with the Fed but long term rates might remain at these levels. If the yield curve flattens (short term rates and long term rates are at the same level) then the market is telling the world that recessionary risks are material. That is still down the road but something to keep an eye on.

Watch a short video about inflation and wage rates. Watch and find out!

Economic Calendar:

March 10th Unemployment rate and non-farm payrolls
March 14th PPI
March 15th CPI, Retail Sales and FOMC Meeting 
March 17th Leading Index