The economic data is messy and counterintuitive. Q3 GDP shows US the grew at a 4.9% pace up from estimates of 4.3%. More inventory available, more consumer and government spending. Q4 projections show things slowing and even a negative number.

The Bank of Canada left rates unchanged, citing the global economy slowing. The European Central Bank also paused after ten straight hikes. They said they would use their emergency bond buying powers if bond yields go unruly.

Feds meet next week and we expect a pause.

The appetite for Bonds is perplexing. It’s the flight to safety/security. But that is not happening. the Bond Yields continue to go up, Bond rates continue to drop. Remember the correlation between Bond Yields and Interest rates. With the lack of Bond purchasing, the mortgage rates keep going up as do the Yields.

Initial jobless claims rose 10,000 to 210,000. Continuing claims also rose 63,000 to 1.79M.

Pending Home Sales rose 1.1% projection was a 2% fall. Sales are down 11% Year/Year. And at the heels of yesterday’s blog, showing New Home Sales rose 12%.

Delinquencies are down to their lowest levels in almost 25 years. Foreclosures are almost at their lowest mark in 25 years at 0.3%.