Feb 04, 2019
Last week mortgages rallied throughout most of the week with mortgages experiencing about 3/8 point rally in price. US treasuries fell in yield from 2.75% to 2.68%. On Friday, mortgages gave up some of last week’s price gains after a strong jobs report showing nonfarm payrolls surged by 304k, easily beating the 165k consensus. US equities closed out a strong month by finishing the week +327, +42 and +99 points for the Dow, S&P and Nasdaq, respectively. The equity rally was fueled in part by strong earnings reports throughout the month and capped off by a more dovish than expected stance from the Federal Reserve.
The key economic data release this week is the ISM non-manufacturing index on Tuesday. Several speaking engagements are scheduled by Fed officials this week, including a town hall by Chairman Powell. The Census Bureau and Bureau of Economic Analysis will likely continue to release backlogged data this week as the government continues normal operations.
Economic Calendar for the week of 02/04/2019 to 02/08/2019:
Monday: Factory Orders and Durable Goods Orders
Tuesday: Markit US Services PMI, Markit US Composite PMI and ISM Non-Manufacturing Index
Wednesday: MBA Mortgage Applications, Trade Balance and Productivity Release with Limited Data Due to Shutdown
Thursday: Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort and Consumer Credit