RMI Atlantic

Plosser Says Rate Hike is Inevitable Even if Housing Prices Continue to Fall

Thu, 24 Jul 2008 01:40:02 +0000

Speaking in a Bloomberg Television interview, noted
hawk Philadelphia Federal Reserve President Chuck
Plosser said the Fed may have to hike rates even as housing
prices continue to fall.

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Treasury's Paulson Says it Was Easy to Recommend President Sign Housing Bill

Wed, 23 Jul 2008 19:16:37 +0000

Although he is not pleased with some parts of the
housing bill, U.S. Treasury Secretary Henry Paulson said
it was easy for him to recommend to President George W. Bush to sign a
housing rescue package into law on Wednesday.

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U.S. Fed's Beige Book is Downbeat, But Few Surprises

Wed, 23 Jul 2008 19:16:37 +0000

Economic conditions across the U.S. “slowed somewhat,” according to
the Fed’s Beige Book on Wednesday. Five of the 12
districts were said to have weakened since the last report six weeks ago,
while Chicago’s economy was “sluggish” and growth in Kansas City had
moderated. The remaining three districts saw slight increases in
activity.

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Wednesday's Events: Canadian CPI, DOE Oil, Fed's Beige Book

Wed, 23 Jul 2008 19:16:36 +0000

Canadian CPI tops the economic news of the day as markets receive the
Fed’s Beige Book and the Department of Energy’s weekly oil inventories.
In the afternoon, markets will also be paying attention o the sales of
$31 billion in two-year Treasury notes.

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MBA Mortgage Applications Move Down in Week Ending July 18

Wed, 23 Jul 2008 19:16:36 +0000

Weekly mortgage applications in the United States
declined in the week ending July 18, according to data released from the
Mortgage Bankers’ Association (MBA) on Wednesday, which reported a 6.2%
week-over-week fall in applications.

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Preview: Fed's Beige Book to Confirm Broad-Based Softness in Economy

Wed, 23 Jul 2008 19:16:36 +0000

Economists largely agree that the Beige Book document
to be released Wednesday by the Federal Reserve won’t receive extended
attention from markets, which are more concerned with forward-looking
data. The report will likely say that economic conditions are soft across
the country, with a few pockets of exceptional weakness and moderate
growth.

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Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates

Wed, 23 Jul 2008 19:16:36 +0000

Rates for both short- and long-term mortgages tumbled last week
according to Freddie Mac’s Primary Mortgage Market Survey.

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Mortgage Activity Slows in Latest Application Report Despite the Ease of Securing FHA Loans

Wed, 23 Jul 2008 16:44:02 +0000

This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending July 18, announced that mortgage loan application volume dropped 6.2 when compared to the week prior. The number of people applying to refinance their existing mortgage dropped, as did the number of people applying for a mortgage to purchase a home. FHA loans, which for months have been the star of the MBA report posting large week to week gains, also saw a pull-back of 7.7 .

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Fed Discount Meeting Minutes See Fed Majority Take a Wait-and-See Approach

Wed, 23 Jul 2008 00:55:14 +0000

The Federal Reserve Board Discount rate meeting
minutes from May 19 and June 23 show that ten out of twelve
reserve banks voted to leave the discount rate unchanged. The Dallas Fed
and the Kansas Fed requested to have the discount rate increase by
0.25%.

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Tsy Secretary Paulson Says Fannie and Freddie Vital to Financial System

Tue, 22 Jul 2008 18:54:55 +0000

Speaking at the New York Public Library, U.S. Treasury Secretary
Henry Paulson said Fannie Mae and Freddie Mac are vital
to the U.S. financial system, and that he remains confident Congress will
pass GSE legislation sometime this week.

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