Chris & anna Kassel

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Interest Rate Update 1/28/24

Here is a quick overview of what is happening with the interest rates due to current events occurring in the presidential elections. 

Rates ended the week similar to slightly higher relative to last week. It was a short week with the markets being closed Monday for Martin Luther King Jr. Day and it was a quiet week at that. 

-On Monday, last week the newly elected President took the oath of office. Within the first 24 hours there were almost 50 executive actions signed of which 26 were executive orders. Missing from those executive orders were the 25% tariffs on Canada and Mexico and 10% additional tariffs for China. The markets breathed a sigh of relief as tariffs would be inflationary in nature and neither the stock market nor the bond market would have welcomed additional inflation. For now, at least the stock market is doing a happy dance and bonds are cautiously optimistic. The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would demand lower interest rates. Fed officials, led by Chair Jerome Powell, have cut their rate for three meetings in a row, to about 4.3%, from a two-decade high of 5.3%. Yet with several recent economic reports showing healthy hiring and some progress on inflation policymakers have said that the pace of rate cuts will slow this year. Some have suggested that few reductions are needed at all.

Information provided by John Gilfedder

Mortgage Loan Originator 

NMLS# 743450

Phone: (720)-285-9854

Email: john.gilfedder@elevationscu.com

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