Today's only relevant economic data was October's Industrial Production data at 9:15 AM ET. It revealed a 0.1% rise in output at U.S. factories, mines and utilities, falling short of the 0.3% increase that was expected. The weaker level of production is favorable news for bonds and mortgage rates. However, this is only a moderately important report. This means that the data is making a very small contribution to this morning's bond gains.
Next week will be shortened due to the Thanksgiving Day holiday schedule, but we still have a good number of relevant economic reports set for release. There is nothing of importance scheduled for Monday, so we are expecting weekend news, particularly Brexit-related, to drive trading as the new week starts. Look for details on next week's mortgage-relevant events and the holiday trading schedule in Sunday evening's weekly preview.
©Mortgage Commentary 2018
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of Horizon Credit Union.