Chris Rupkey Market Quotations

Expectations of Fed action have gone though the roof. The market is looking for two 25-basis-point moves and one 50-basis-point move before the presidential election.

A lot of selling came in around 9 o'clock because Freddie Mac priced a large 10-year note, their benchmark security. Right at the pricing of that note, the Treasury market went down and it wasn't able to recover.

Buyers may be eager to lock in rates now as mortgage rates are expected to trend higher. Many homes go on the market in the first days of spring, and this is the first real evidence that buyers are taking a fresh look at the market.

The economy is creating over two million new jobs a year and these workers will need housing. Fears of a collapse in the housing market have been overblown.

Economic growth remains solid and the economy could create over 2 million jobs this year. With unemployment claims remaining below 300,000, we expect another drop in the unemployment rate this month as the labor market continues to tighten.

The market is on guard after Broaddus reminded us that the day of reckoning when the Fed raises rates is drawing nearer and the rebound in global stock markets is adding fuel to the fire.