by Bill McBride on 6/20/2016 05:27:00 PM
Monday, June 20, 2016
From Kate Davidson at the WSJ: What to Watch for in Janet Yellen’s Congressional Testimony
Central bank watchers will hear from the Fed chief for the fourth time in as many weeks on Tuesday when she appears before the Senate Banking Committee for her semiannual monetary policy testimony. Ms. Yellen will return to the Hill on Wednesday for round two before the House Financial Services Committee.Tuesday:
The timing of these so-called Humphrey-Hawkins hearings is of note. They come just days after the Fed’s latest policy meeting and before a U.K. referendum on whether to the leave the European Union. They also are the last scheduled chance lawmakers ... will have to publicly question the Fed chief before voters head to the polls in November.
• At 10:00 AM ET, Testimony, Fed Chair Janet Yellen, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.
From Matthew Graham at Mortgage News Daily: Mortgage Rates Continue Higher to Begin Volatile Week
Mortgage rates continued higher today, and at a quicker pace than the modest increase seen at the end of last week. Financial markets are undergoing a change of heart regarding their approach to Brexit (market shorthand for a "British exit" from the European Union). Brexit fears had helped drive interest rates to long-term lows in the US and to all-time lows in Europe.
The bonds that underlie mortgage rates are somewhat more insulated from this global market drama, but were still noticeably affected (meaning rates moved higher). The most prevalent conventional 30yr fixed rate quotes are now back into a relatively balanced range between 3.5% and 3.625% on top tier scenarios.
Posted by Bill McBride on 6/20/2016 05:27:00 PM