Rates are still holding near record levels as mortgages recovered from slight losses yesterday and the benchmark Fannie 3.5% coupon is up 14 basis points to 104.08 today.
Below is today’s data recap, and more commentary in WeeklyBasis recap/outlook this weekend.
PPI (April 2012)
– PPI, Month/Month -0.2%
– PPI, Year/Year +1.9%
– Core PPI (less food & energy), Month/Month +0.2%
– Core PPI (less food & energy), Year/Year +2.8%
Lower oil prices brought down overall PPI and core is right about where the Fed wants.
This is a chart of year/Year core (bars) and overall (line)
University of Michigan Consumer Sentiment (May 2012)
– Level 77.8. Previous was 76.4. Consumers say they are ready to spend.