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  • Writer's pictureShaun Kent

Mortgage Market Update

Last week’s economic calendar was relatively light, but it didn’t mean markets had little to digest. The release of the Fed meeting minutes and appearances by Fed members made it clear that the Fed will be aggressive in attempting to bring inflationary pressure back down. One of the more “dovish” Fed Governors, Lael Brainard, surprised markets with hawkish statements, including revealing that the Fed is likely to announce plans to rapidly reduce its balance sheet beginning in May. The meeting minutes also surprised markets showing that multiple members would have preferred that the recent rate increase was 50 basis points rather than 25. Few experts thought that more than two governors would express that opinion. Uncertainty stemming from the war in Ukraine appears to be the most significant factor that kept the Fed from a 50-point move during their last meeting. This week we’ve got plenty of inflationary and economic data for the market to digest. Any slowing in either category could provide some much-appreciated relief from rising interest rates. - Shea Oliver, MyProNewsletter

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