U.S. manufacturing activity contracted for the ninth consecutive month in December 2024, the Institute for Supply Management said today. ISM’s manufacturing index was 49.3%, up 0.9 percentage points from November. (Readings over 50% indicate expansion.) Seven industries reported growth while seven contracted.
While some news outlets have mistakenly announced that President Biden has declared Thursday, Jan. 9, a “federal holiday," that is not what he has done. Banks will and should remain open.
Rep. Mike Johnson (R-La.) was reelected House speaker after receiving 218 votes. Johnson was first elected speaker in 2023.
The recent widening of speculative spreads may indicate risk aversion creeping back into investor outlooks.
Sen. Tim Scott (R-S.C.) has been named chair of the Senate Banking Committee, with several new faces also joining the committee.
ABA and several industry and consumer groups are asking FHA to extend the expiration date for pandemic-related protections for borrowers while it considers their revisions to a proposed replacement for the program.
The rate for a 30-year fixed-rate mortgage was 6.91% this week. The rate for a 15-year fixed-rate mortgage was 6.13%.
