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Rob Killinger

Senior Loan Officer
Movement Mortgage
NMLS ID # 113633

The Cooling Economy May Reshape Future Fed Action

By: Movement Team
November 3, 2023
It was a busy week as we saw an FOMC meeting, as well as economic data, send yields tumbling. Wednesday was the day markets had their eyes on as it marked the beginning of impactful economic data releases along with the FOMC meeting. 

The main event was the FOMC meeting, during which we observed rates remain unchanged, as expected. Federal Reserve Chairman Powell acknowledged that the recent tightening of financial conditions could potentially substitute for an additional rate hike by the FOMC. Markets have been debating this, and it has been the primary reason why most market participants believe the hiking cycle is over. 

However, the main driver of falling yields has been the surprises in the economic data reports. Both the ISM Manufacturing and Durable Goods orders came in weaker than expected, while Jobless claims exceeded expectations.

This morning’s much-anticipated Non-Farm Payrolls report showed 150,000 jobs added in October with a 3.9 percent unemployment rate. This weaker labor market further reinforces the notion that Fed policies are having the desired effect, and economic conditions are weakening. While these events have exerted downward pressure on yields, it is important to remember that we still have numerous geopolitical issues and the looming possibility of a government shutdown.
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Author: Movement Team

About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture, and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S. and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities, and global outreach. For more information, visit


Rob Killinger Headshot
Rob Killinger
Senior Loan Officer
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