Durable Goods Orders Increase in May

While both rates have increased and the yield curve remains upward sloping, it has flattened as the two-year yield has risen faster than the 10-year yield, suggesting that the market expects the Fed to keep short-term interest rates...

Industrial production was unchanged in August, after edging up 0.2% in July. In August, manufacturing output decreased 0.3%, and the index for mining and utilities rose 0.1% and 1.8%, respectively.

Homebuilder confidence in the market for newly built single-family homes fell three points to 32 in September, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

The rate for a 30-year fixed-rate mortgage was 6.95% this week. The rate for a 15-year fixed-rate mortgage was 6.26%.

Housing starts have been on a downward trajectory since peaking in 2022. However, single-unit starts increased 7.6% from July. Paired with continued elevated mortgage rates, banks may experience reduced demand for mortgages and construction loans.

The Federal Open Market Committee announced it would raise the target range for the federal funds rate by 25 basis points to 3.75% to 4%. The vote was unanimous.