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Mark Hemingway

Mortgage Market Update for June 26th

Tuesday, June 30, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Consumer Sentiment continues to rebound in June after the steep decline seen in April from March. After the 89.1 seen in March, April fell to 71.8 while June hit 78.9. The numbers in the second half of June declined somewhat as consumers saw the reopening improve the labor market at a probable cost of a rise in COVID-19 cases. The report went to reveal that with the recent resurgence of the virus could lead to weaker consumer spending.

In economic news, inflation as measured by the Core PCE, came in at 1% year over year - half of the Fed's 2% target. Before the coronavirus, the Fed was talking about abandoning the 2% target with one that floats higher before hiking. This makes sense and if that is the case - don't expect a rate hike for a few years. Personal Spending spiked as state economies reopened. As expected, Personal Incomes fell. The data had little impact on the markets.

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