Consumer Sentiment lowest in 26 years

Consumer Sentiment for APR | Reported 63.2 | Est 69.4 | Prior 69.5 | MODEST

Consumer Sentiment hit a 26 year low of 63.2.  Stocks had been off earlier today on news of General Electic earnings and Frontier Airlines files BK.

Initial Jobless Claims 3.29 | worst since 2005

Initial Jobless Claims | Reported 407,000 | Est 360,000 | Prior 366,000 | MODEST

First time claims for unemployments surged to 407,000!  The highest number since 2005.  This is a sign of further weakening in the jobs market.  The Mortgage Backed Securities have responded well currently they are +31bp.  The ISM Services Index  is released at 10:00am.  This should make for continued volatility today.

Economic Reports March 28 | 30F 6.000%

Personal Consumption YOY | Reported 2.0% | Est 2.0% | Prior 2.2% | ELEVATED

Personal Income | Reported 0.5% | Est 0.3% | Prior 0.3% | MODEST

Personal Spending | Reported 0.1%  | Est 0.2% | Prior 0.4% | MODEST

Personal Consumption FEB | Reported 0.1%  | Est 0.3% | Prior 0.2% | ELEVATED

Consumer Sentiment | Reported 69.5  | Est 71.0 | Prior 70.5 | MODEST

Inflation seams to be within the Fed’s 1-2% range based on YOY PCE.  With inflation in check the Fed should have a green light to lower the Feds Cut Rate.  The bond market is currently only up +22bp this morning.  There is a full day of trading a head, so pending on how the stock market reacts to these reports, we may see a little better long term rates this afternoon.

Existing Home Sales

Existing Home sales is the rate of previously owned SFR’s [single family residences] reported by the NAR [National Association of Realtors].  They collect the information from 650 individual realtor associations.  Read more