Monday, July 16, 2018

Tuesday: Fed Chair Powell Testimony, Industrial Production, Homebuilder Confidence

by Bill McBride on 7/16/2018 05:52:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Edge Higher

Mortgage rates fell to their lowest levels since late May as of last Friday. Today, then, would be the 2nd best day since late May. Rates edged slightly higher to begin the new week as bond markets (which underlie rates) came under modest pressure for several relatively inconsequential reasons. [30YR FIXED - 4.625% - 4.75%]
emphasis added
• At 9:15 AM ET, The Fed will release Industrial Production and Capacity Utilization for June. The consensus is for a 0.6% increase in Industrial Production, and for Capacity Utilization to increase to 78.3%.

• At 10:00 AM, The July NAHB homebuilder survey. The consensus is for a reading of  69, up from 68 in June. Any number above 50 indicates that more builders view sales conditions as good than poor.

• At 10:00 AM, Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate