Fed Comments Reveal Plan for Rate Hike Speeches made by Fed officials during the first part of the week alerted investors that the Fed may be much closer to another federal funds rate hike than investors expected.
Ho Hum Job Report Leaves Market in Limbo The most highly anticipated economic report of the month contained just minor surprises. Against a consensus forecast of 200K, the economy added 160K jobs in April, and downward revisions to prior months subtracted another 19K. Although still in positive territory, this was the smallest monthly increase in jobs since last Sept.
Soft Fed Statement Helps Rates The big event last week was Wednesday’s Fed meeting. A dovish Fed statement was positive for mortgage rates. The additional economic data released over the past week closely matched expectations, so it had little impact. Mortgage rates ended the week slightly lower.