Market Update December 5th

Dated: 12/05/2015

Views: 325

Market Matters


Mortgage Rate Movement


November 29, 1929 – U.S. Admiral Richard E. Byrd leads the first expedition to fly over the South Pole.
November 30, 1982 – Michael Jackson's second solo album, Thrilleris released worldwide. It will become the best-selling record album in history.
December 1, 1959 – Twelve nations, including the United States and the Soviet Union, sign the Antarctica Treaty, which bans military activity and weapons testing on that continent.
December 2, 1993 – NASA launches the Space Shuttle Endeavour on a mission to repair the Hubble Space Telescope.
December 3, 1947 – Marlon Brando's famous cry of “STELLA!” first booms across a Broadway stage, electrifying the audience at the Ethel Barrymore Theatre during the first-ever performance of Tennessee Williams' play A Streetcar Named Desire.
December 4, 1954 – The first Burger King is opened in Miami, FL.
December 5, 1933 – The 21st Amendment to the U.S. Constitution is ratified, repealing the 18th Amendment and bringing an end to the era of national prohibition of alcohol in America.

Source:,,,, &



The two largest threats to an ‘expected’ FOMC rate hike in December are now behind us. First, the ECB was less-aggressive than expected and today’s November jobs report came in better than market expectations. 

At this point, it would take some very weak data next week to really change the expectations that the Fed will hike rates by 25bps come December 16th. Looking at the jobs numbers from Friday, non-farm payrolls for November increased by 211k. Adding to the stronger number, both October and September data was revised higher by 35k cumulatively. The unemployment rate ticked up from 5.036% to 5.046%, with the headline number still rounded to an unchanged 5%. Finally, average hourly earnings rose by .2%, coming in as expected. The markets reacted well to the report as we saw 10yr yields trade back below 2.30%. 
This points to a possible relief rally into next week with some slightly lower rates once again.


December 8 – JOLTS
December 9 – MBA Mortgage Applications
December 9 – Wholesale Trade
December 10 – Jobless Claims
December 10 – Import and Export Prices
December 10 – Bloomberg Consumer Comfort Index
December 11 – PPI-FD
December 11 – Retail Sales
December 11 – Business Inventories
December 11 – Consumer Sentiment


Jason Kaiman
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