Fed and Inflation Reports this week
Posted March 12, 2012 6:58 p.m. EDT
We had somewhat of a lackluster response from the unemployment number on Friday. Yes, we did create another 227,000 jobs for the month of February which continued a strong trend of job growth over the past three months. However, given that the number didn’t move the consensus gauge at all, market reaction was expectedly mum.
Treasuries were flat and mortgage rates have also remained relatively flat as well. No major economic reports today, but the rest of the week will be very busy. The Fed adjourns their meeting tomorrow, and no interest rate movement is expected. As always, language from the Fed is what we’ll be watching closely as to what impact the recent job growth numbers will have on their potential QE3 movement. We’ll also get some good insight into inflationary numbers later this week with the Consumer Price Index and the Producer Price Index reports.
After spending quite a bit of time on Friday with homebuilders, the anecdotal evidence abounds here in the Triangle as it relates to increased foot traffic, purchase contracts, and overall increased consumer and builder confidence.