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Monday, February 10, 2025
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Market Commentary

Updated on February 10, 2025 10:07:43 AM EST

Today is the only day of the week that doesn’t have relevant economic data or other mortgage-related events scheduled. Weekend news that President Trump was announcing a 25% tariff on all imported steel and aluminum has not had the impact on this morning’s trading that was expected. This is likely because it has not officially been done yet. The headlines came from an announcement he made while traveling to the Super Bowl yesterday. What was taken to mean it would be done today is now rumored to possibly happen sometime this week. It appears bond traders are waiting for the tariff to become official before responding since some of the previously announced tariffs were delayed after being announced.

The rest of the week has four monthly economic reports set for release, with three of them considered to be highly important. Two of the reports are key inflation readings and another measures consumer spending. In addition to the data, there are also two days of congressional Fed testimony and a couple of Treasury auctions that may affect rates.

Activities will begin tomorrow morning when Fed Chairman Powell speaks to the Senate Banking Committee on the status of the economy and monetary policy. This is day one of the Fed’s semi-annual update to congress. He will appear before the House Financial Services Committee Wednesday morning. He will be speaking at 10:00 AM ET both days, but his prepared opening statement is sometimes made available prior to his actual appearance. Generally speaking, we see the strongest reactions on the first day of testimony since the chairpersons prepared statement usually has few changes the second day. The exception would be a surprise answer during the Q&A portion of the proceedings Wednesday.

Overall, tomorrow or Wednesday are the best candidates for most important day for rates due to Fed Chairman Powell’s testimony tomorrow and the importance of Consumer Price Index (CPI) Wednesday. There is little doubt that this is going to be an active week for the financial and mortgage markets. Therefore, it will be prudent to keep an eye on the markets if still floating an interest rate and closing in the near future.

 ©Mortgage Commentary 2025

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2326 N 156th Drive, Goodyear, AZ 85395
Phone: (623) 935-0200  Email: allwestcapital@msn.com
License # MB-0907098 / NMLS # 143584


2326 N 156th Drive, Goodyear, AZ 85395
Phone: (623) 935-0200  Email: allwestcapital@msn.com
License # MB-0907098 / NMLS # 143584