This was an extremely light release week with only the Consumer Credit Report. The amount of expected credit was expected to rise but only showed half the growth — a sign that things are still in stable condition. The most important reports will be featured with next week’s releases of inflation data in the Consumer Price Index (CPI) and the Producer Price Index (PPI), as well as the Federal Reserve’s Beige book. The Trump Administration has also further extended the pauses on the tariffs which has been a welcome relief.
Consumer Credit
Total U.S. consumer credit growth slowed to a $5.1 billion gain in May, down from a $16.9 billion rise in the prior month, the Federal Reserve said Tuesday. That translates to a 1.2% annual rate in May, down from a 4% rise in the prior month.
Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase of 0.06% for this week, with the current rates at 5.86%
• 30-Yr FRM rates saw an increase of 0.05% for this week, with the current rates at 6.72%
MND Rate Index
• 30-Yr FHA rates saw an increase of 0.08% for this week, with the current rates at 6.35%
• 30-Yr VA rates saw an increase of 0.08% for this week, with the current rates at 6.37%
Jobless Claims
Initial Claims were reported to be 227,000 compared to the expected claims of 235,000. The prior week landed at 232,000.
What’s Ahead
Consumer Price Index, Producer Price Index, and the Beige Book will be huge determining factors on the direction of decisions for the Federal Reserve.