Delivered to over
70,000+ industry professionals
each day, the Daily Newsletter is the
definitive recap of the day's most
relevant mortgage and real estate news and data. View the latest Newsletter below.
View our most recent newsletter below, or use the date selector to view past newsletters.
Zen practitioners are an odd lot. One of their hallmark koans--the one about whether or not a tree falling in the woods makes a sound--is nonsense. I can only imagine that the person who came up with that one had never actually seen a tree. Perhaps he or she thought it was made of feathers.
Or perhaps there really is some merit to the question inasmuch as how one defines "sound." Does the falling tree still disturb surrounding particles of air and create soundwaves that COULD be heard if someone were within earshot? Of course. Does that count as "sound?" I don't really care. Physics tells us the soundwaves are there, and that if anyone is close enough, they would hear them.
A far more relevant question is as follows. If you hear a tree falling in the woods, do you give a damn?
In answering this question, there are a series of follow-up questions and contingencies. How big is the tree? How close is it? Is it falling in my direction? Depending on those answers, I personally might care a whole heck of a lot.
Economic data and other potential market movers are all trees in the woods. Sometimes they're big. Sometimes they are right next to us. Sometimes that can be scary.
Today brings several big trees and a ton of smaller saplings. The closest, biggest trees will be ADP employment r ight off the bat and then ISM Non-Manufacturing at 10am. Dotting the landscape throughout the day are more Fed speakers than I think I've ever seen in a single day. They are the inconsequential saplings in the current case--es evidenced by the market's reaction to Powell yesterday. ADP and ISM can certainly have an impact, but anyone with a healthy fear of those trees is far more concerned about the mightiest tree in the forest--the one we'll be standing right next to on Friday morning.
Bottom line: the next 48 hours are to be endured, but not focused upon as the key concern for our near-term odds of survival. Some of the events could get our heart rates up, but the life and death risks are yet to come.
|
Rob Chrisman
|
|
|
Between 2001 and 2016, 97 percent of total job growth in the Unites States happened in urban counties. And while rural America is absolutely struggling, all rural America isn’t all struggling. In the top 10% for job growth, the U.S. counties, 3... (read more) |
|
|
MBS Commentary
|
|
|
Zen practitioners are an odd lot. One of their hallmark koans--the one about whether or not a tree falling in the woods makes a sound--is nonsense. I can only imagine that the person who came up with that one had never actually seen a tre... (read more) |
|
|
Housing News
|
|
|
As mortgage interest rates moved higher during the week ended September 28, with small increases carrying most to new seven year highs, application activity almost froze in place. The Mortgage Bankers Association (MBA) said its Market Composite Index... (read more) |
|
|
Mortgage Rate Watch
|
|
|
Mortgage rates fell modestly today, and thus managed to avoid heading any closer to the 7-year highs just overhead. Underlying bond markets benefited from concerns about Italy's stance on the Euro currency based on one Italian official's comments. Th... (read more) |
|
|
Housing News
|
|
|
Two Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home. Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $2... (read more) |
|
|
MBS Commentary
|
|
|
Bonds had a couple options to choose from today when it came to potential market movers. As far as known quantities, we knew there would be a speech from Fed Chair Powell (maybe he would clarify last week's inflation comments?) and also a big... (read more) |
|
|
|
|
