Mortgage rates improved slightly last week with Friday’s Non-Farm payrolls report showing weaker than expected wage gains. This lead many investors to believe that the Fed will increase rates at a slower place this year on lower inflation expectations.
The FOMC statement last Wednesday showed very little change from the previous statement, noting that the Fed is closer to mandates saying that "labor markets will strengthen somewhat further" and that "inflation will rise to 2% over the medium term". This was before Friday’s Non-Farm Payrolls report, which overall was better than expected, but showed that wage gains were much lower than expected, indicating that inflation with remain tame as consumers purchasing power is dampened with stagnant wages.
The week ahead will be very light on data, with Trade Balance, Wholesale Inventories, Import Price Index, and the University of Michigan consumer sentiment the only releases of note. The U.S. Treasury will be holding note auctions this week, with 24B 3yrs on Tuesday, 23B 10yrs on Wednesday, and 15B 30yrs on Thursday. Fed speakers this week include Bullard and Evans, who will both give speeches on the Economy on Thursday.
Economic Calendar for the week of 02/06/2017 to 02/10/2017:
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