U S stocks gain as traders await new catalysts
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Asia Shares Soar Jolted by Positive Chinese Economic Data
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(Bloomberg) The glut of spare cash in dollar funding markets is combining with inflation concerns to stoke debate among investors about just how soon the Federal Reserve might have to take its foot off the accelerator.Bond traders are keenly attuned to the buildup of dollars in short-term interest-rate markets, an overabundance reflected in the amount of money sitting and earning absolutely nothing at the Fed’s reverse repo facility. For some, that’s yet another sign that the so-called quantitative easing program ought to be dialed back from its current pace of $120 billion a month, although others say that the central bank facility is acting like it should, as a safety valve, and also point to the other factors fueling the oversupply.Either way, the cash pile and whether the usage of the Fed’s facility resumes its upward trajectory after slipping on Friday is set to be a key focus for traders in the coming week along with crucial U.S. jobs data, which may giv
Freddie Mac’s weekly Primary Mortgage Market Survey showed that during the week ending May 27:
Rates on
30-year fixed-rate mortgages averaged 2.95 percent with an average 0.7 point, down from 3.00 percent last week and 3.15 percent a year ago. Rates on 30-year fixed-rate mortgages bottomed out at 2.65 percent week ending Jan. 7, 2021, an all-time low in Freddie Mac records dating to 1971.
For
15-year fixed-rate mortgages, rates averaged 2.27 percent with an average 0.6 point, down from 2.29 last week and 2.62 percent a year ago. Rates on 15-year fixed rate mortgages also bottomed at 2.16 percent during the week ending Jan. 7, 2021, an all-time low in records dating to 1991.
Rates on