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Daniel Mcmanamon

Daniel Mcmanamon

Loan Officer | Sales Manager
Movement Mortgage
NMLS ID # 891828

Inflation, Labor Market and Foreign Conflict Impacting Rates

By: Movement Team
October 13, 2023
Last Friday, we saw a Non-Farm Payrolls report that surpassed even the loftiest expectations. This caused a spike in yields as markets tried to assess the Fed’s next policy move. As the day went on, markets were able to recover as a slight increase in unemployment and declines in wage growth lent support to the notion that the current Fed policy is having the desired effect. Over the long weekend, the news flow was dominated by the distressing situation in Israel. These current events drove a flight to safety among investors, resulting in a dynamic fall in the 10-year yield during the first half of the week. During this time, we also heard a few Fed Governors suggest a pause in rate hikes at the upcoming November meeting, citing the wage growth and unemployment data mentioned earlier.

The highly anticipated CPI report was released on Thursday morning, showing slightly higher than expected Month-over-Month (MoM) and Year-over-Year (YoY) numbers. While the Core CPI (excluding Food and Energy) came in as expected, the MoM and YoY figures were sufficient to drive yields back up as markets attempt to digest the data's impact on future Fed policy. As the Fed analyzes the economic reports to guide its policy decisions, the many ongoing geopolitical situations do not make their job any easier. Expect the volatility to continue as the Fed endeavors to navigate this "soft landing."
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Author: Movement Team

About Movement Mortgage, LLC (“Movement”)

Movement is not just a mortgage company – they’re an Impact Lender and force for positive change. With more than 4,000 teammates across all 50 states, they reinvest the majority of our profits back into the communities they serve. Movement is the 10th ranked top-producing residential mortgage company in the U.S., funding more than $20 billion in residential mortgages annually. The company has contributed nearly $400 million to the Movement Foundation since 2012, funding the Movement Schools network, affordable housing projects and global outreach efforts. For more information on Movement and Impact Lending, visit movement.com/impactreport .

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Daniel Mcmanamon
Daniel Mcmanamon
Loan Officer | Sales Manager
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1031 Route 22, Ste 203, Bridgewater, NJ 08807
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NMLS # 891828

State License #NJ, PA-62782