Read the highlights of this week’s commentary from Helios:
- Initial jobless claims fell to 209K, down from 233K the week prior and keeping the four-week moving average effectively flat at 220K.
- Meeting minutes from the last Fed policy meeting showed the committee was united around their cautious approach to any future interest rate moves.
- Mortgage rates fell sharply, marking the largest four-week fall in several months and bringing the contract rate on a 30-year fixed mortgage to 7.4%. The drop may have spurred an uptick in home applications, as they rose 3.9% over the week, the largest increase since the summer.
- Businesses continue to be anxious over the current environment with durable goods orders falling 5.4% in October, well below expectations of a 3.2% decline. The decline was most significant in transportation, while orders excluding transportation were flat.
We hope everyone had a wonderful Thanksgiving and enjoyed a shortened week last week that was light on new data and heavy on good food, family, and friends! Want to learn more about Helios Quantitative Research? Click Here to schedule a meeting with one of our representatives!