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Q3 GDP Forecasts: Under 2%

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Q3 GDP Forecasts: Under 2%

From Merrill Lynch: Weak inventories data edged down 3Q GDP tracking by a tenth to 1.5% qoq saar. emphasis added From the NY Fed Nowcasting Report The New York Fed Staff Nowcast stands at 1.9% for 2019:Q3 and 1.1% for 2019:Q4. And from the Altanta Fed: GDPNow The GDPNow...
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JPMorgan: At or above current mortgage rates “refinance volumes and margins will be under pressure”

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JPMorgan: At or above current mortgage rates “refinance volumes and margins will be under pressure”

A few excerpts from the JPMorgan investor presentation (Q2 results): Mortgage Production pretax income of 2mm, down 9mm YoY, reflecting lower margins and higher expense, partially offset by higher volumes and lower repurchase losses Mortgage originations of .0B, up 12% YoY and down 7% QoQ Purchase originations of .4B, up 50% YoY and 44%...
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Europe Friday: Over promise, Under Deliver Again?

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Europe Friday: Over promise, Under Deliver Again?

The ECB disappointed today, and the EU will probably under deliver again tomorrow. The following is no surprise – no one expected all 27 countries to agree, just the 17 eurozone countries plus a few more … From CNBC: EU Fails to Agree on Treaty Change Among 27 States: Diplomats The European Union failed...
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HUD begins regulatory review under White House order

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HUD begins regulatory review under White House order

The Department of Housing and Urban Development began a review of its regulations and will continue a periodic review for other rule changes as directed from an executive order from President Obama. In January, Obama directed federal regulators to take public comment on how to tailor existing regulations in order to minimize their burden...
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