1
Tuesday: Vehicle Sales, Durable Goods and More
From Matthew Graham at Mortgage News Daily: Mortgage Rates Surge 0.125%
Higher
Mortgage rates spiked quickly today, capping a 3-day run leading back up
from the lowest levels in more than a year. Today's move was by far the
biggest and it leaves the average lender offering rates that are at least
an eighth of a percentage point (0.125%) higher compared to most of last
week. [*30YR FIXED - 4.00-4.125%*]
emphasis added
Tuesday:
• All day, *Light vehicle sales* for March. The consensus is for light
vehicle sales to be 16.8 million SAAR in March, up from 16.5 million in
February (Seaso... more
Moving as fast as I can.
2
Seeking Full Mueller Report, House Democrats Prepare to Vote on Subpoena
Democrats are not satisfied with the attorney general’s assurances that he
will deliver a full, albeit redacted, copy of the report to Congress by
mid-April.
Sic 'em.
3
Fannie Mae: Mortgage Serious Delinquency Rate unchanged in February
Fannie Mae reported that the Single-Family Serious Delinquency rate was
unchanged at 0.76% in February, from 0.76% in January. The serious
delinquency rate is down from 1.22% in January 2018.
These are mortgage loans that are "three monthly payments or more past due
or in foreclosure".
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
This matches the last three months as the lowest serious delinquency rate
for Fannie Mae since August 2007.
[image: Fannie Freddie Seriously Delinquent Rate]*Click on graph for larger
image*
*By vintage*, for loans made in 2... more »
No loan.
4
House Democrats Prepare a Vote to Subpoena the Mueller Report
Democrats are not satisfied with the attorney general’s assurances that he
will deliver a full, albeit redacted, copy of the report to Congress by
mid-April.
It will be read in detail.
5
U.S. Moves to Limit Wage Claims Against Chains Like McDonald’s
The Labor Department offered a view far narrower than the Obama
administration’s regarding companies’ liability for workplace violations by
franchisees.
Deep pockets should be targets.
6
Trump Celebrates Criminal Justice Overhaul, but His Budget Barely Funds It
Months after a major bipartisan bill passed, President Trump is promoting
the criminal justice law known as the First Step Act.
All front.
7
Ben Ray Luján, High-Ranking House Democrat, Will Run for Senate in New Mexico
Mr. Luján is a trusted ally of Speaker Nancy Pelosi and was seen as a
possible candidate to replace her when she retired.
Stop whining.
8
Rancor and Raw Emotion Surface in Supreme Court Death Penalty Ruling
In a 5-to-4 decision, the justices ruled against an inmate with a rare
medical condition and debated the ground rules for capital punishment.
People will do what they can not to be killed.
9
As DeVos Eases Sexual Assault Rules, Her Old High School May Provide a Test Case
A lawsuit against Holland Christian High School has turned Betsy DeVos’s
alma mater into Exhibit A as the education secretary moves to lighten the
rules governing school sexual assault.
Don't do that.
10
Reis: Office Vacancy Rate decreased in Q1 to 16.6%
Reis reported that the office vacancy rate was at 16.6% in Q1, down from
16.7% in Q4 2018. This is up from 16.5% in Q1 2018, and down from the cycle
peak of 17.6%.
From Reis Economist Barbara Denham:
The office vacancy rate fell slightly in the quarter to 16.6% from 16.7%
last quarter and 16.5% a year ago. The office vacancy rate had bottomed at
16.3% in Q1 2017.
The national average asking rent increased 0.4% in the first quarter while
the effective rent, which nets out landlord concessions, increased 0.5% in
the quarter. At $33.58 per square foot (asking) and $27.26 per square fo... more »
Offices are overbuilt.
11
Whistle-Blower Tells Congress of Irregularities in White House Security Clearances
A manager in the White House’s Personnel Security Office said
administration officials granted clearances to at least 25 people whose
applications had been denied by career employees.
Trump only knows his secrets. The rest are forsale.
12
Why the N.R.A. Opposes New Domestic Abuse Legislation
The National Rifle Association is trying to defeat a provision in the new
Violence Against Women Act that could deny firearms to abusive boyfriends.
But Congress is changing.
The NRA likes to sell guns.
13
Trump Celebrates Criminal Justice Overhaul, but His Budget Barely Funds It
Months after a major bipartisan bill passed, President Trump is promoting
the criminal justice law known as the First Step Act.
All front.
14
Construction Spending increased 1.0% in February
From the Census Bureau reported that overall construction spending
decreased in December:
Construction spending during February 2019 was estimated at a seasonally
adjusted annual rate of $1,320.3 billion, *1.0 percent above the revised
January estimate* of $1,307.3 billion.
Both private and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate
of $994.5 billion, 0.2 percent above the revised January estimate of $993.0
billion. ...
In February, the estimated seasonally adjusted annual rate of public
construction spending was $325.8 bi... more »
There is little building this spring.
15
ISM Manufacturing index Increased to 55.3 in March
The ISM manufacturing index indicated expansion in February. The PMI was at
55.3% in March, up from 54.2% in February. The employment index was at
57.5%, up from 52.3% last month, and the new orders index was at 57.4%, up
from 55.5%.
From the Institute for Supply Management: March 2019 Manufacturing ISM®
Report On Business®
Economic activity in the manufacturing sector expanded in March, and the
overall economy grew for the 119th consecutive month, say the nation’s
supply executives in the latest Manufacturing ISM® Report On Business®.
The report was issued today by Timothy R. Fio... more »
Guesses.
16
Unbuttoned: Hey, Governor, What Are You Wearing?
J.B. Pritzker, the governor of Illinois, gets daily dress code
recommendations, and he’s not alone. Welcome to the latest sign of the
times.
All front.
17
Pete Buttigieg Says He Raised $7 Million in First Quarter for 2020 Bid
The 37-year-old mayor of South Bend, Ind., little known just a few months
ago, has raised his political profile and online following in recent weeks.
A cheap distraction.
18
Retail Sales decreased 0.2% in February
On a monthly basis, retail sales decreased 0.2 percent from January to
February (seasonally adjusted), and sales were up 2.2 percent from February
2018.
From the Census Bureau report:
Advance estimates of U.S. retail and food services sales for February 2019,
adjusted for seasonal variation and holiday and trading-day differences,
but not for price changes, were $506.0 billion, a decrease of 0.2 percent
from the previous month, but 2.2 percent above February 2018. … The
December 2018 to January 2019 percent change was revised from up 0.2
percent to up 0.7 percent.
[image: Retail S... more »
A slightly larger drop.
19
How the Trump Era Is Molding the Next Generation of Voters
Recent data — and interviews with a dozen teenagers on the front lines of
politics — show a decided leftward lean.
The Right is not a friend of the young.
20
News Analysis: Trump, Putin and a Possible ‘Red-Line Moment’ in Venezuela
Will Venezuela be the place where President Trump, who has often seemed to tolerate Russian provocations, finally draws his own red line?Trump is that dumb.
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