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ERATE's Daily Rate Summary
Nancy Osborne, September 25, 2015
A speech by Fed Chair Yellen at Amherst College yesterday seemed to go a long way in easing the concerns of the financial markets that indeed the Fed was not holding back information of a weak economic picture and that the intention was in fact to raise rates by the end of 2015 as previously stated.
Q2 Gross Domestic Product (final revision) rose at an annualized rate of 3.9%, up from the second revision of 3.7% where it was expected to remain. Personal Consumption was revised up to 3.6% when the forecast called for a gain of 3.2%. The GDP Price Index (or GDP Deflator) was unchanged at 2.1%, matching the forecast. The Core PCE Index (ex food and energy) was revised higher to 1.9% when the forecast called for no change from 1.8%.
The University of Michigan Consumer Sentiment Index for September fell to 87.2, marking the lowest
reading in a year, when the forecast called for a reading of 87.1. The initial reading was 85.7 and the reading for August was 91.9.
The Markit U.S. Services PMI Index fell in September to 55.6 from Augusts’ reading of 56.1. Note that a reading above 50 reflects an economic expansion.
Next Week: On Monday look for Personal Income and Spending, Pending Home Sales and Core Inflation. On Tuesday watch for the Case-Shiller Home Price Index and Consumer Confidence. On Wednesday look for Chicago PMI, MBA Mortgage Applications and the ADP Employment Report. On Thursday watch for Weekly Jobless Claims, Market PMI, ISM Manufacturing Index and Construction Spending. On Friday look for the September Jobs Report and Unemployment Rate as well as Factory Orders.
Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 4 basis points (bps), yielding 2.16% and the 30 year bond up 4 basis points (bps), yielding 2.96%.Source: www.erate.com
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