The Day Ahead: CPI, Retail Sales, Industrial Production, Consumer Sentiment, Inventories

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Posted To: MBS Commentary

On this Friday before a long holiday weekend, both interest rate prices and equity futures are trading lower on news that China will lift bank reserve requirements another 50 basis points to 19.5%, a new record. This is the seventh time China has raises the requirement in the last 13 months to ward off inflationary pressures. “This latest round of tightening doesn’t come as a shocker and backs up the central bank’s statement on December 3rd that policy would now move from a ‘moderately loose’ stance to a ‘prudent’ stance,’” said economists at BMO Capital Markets. “Nonetheless, it doesn’t take the hurt away and we’re seeing the nervous reaction in global stocks and currencies.” S&P 500 Futures are 5.50 points lower...(read more)

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Source: www.mortgagenewsdaily.com

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