First ECB Rate Increase in 11 Years After Record Inflation
As the European Central Bank faces record-high inflation levels, this week’s biggest news marked the first ECB rate increase in 11 years.
As the European Central Bank faces record-high inflation levels, this week’s biggest news marked the first ECB rate increase in 11 years.
Low consumer confidence should be no surprise with the continuously rising rate of inflation and interest rates. The monthly report on consumer confidence published by the Conference Board has been receiving more attention lately, since it may provide information on upcoming spending habits.
Poor economic growth has not bolstered investors with global central banks aggressively tightening monetary policy to fight inflation.
While much of this week’s economic data met investor expectations, consumer spending surged in April 2022.
In a light week of economic reporting, the major news encompassed the latest GDP reading, which fell to the lowest level since spring 2020.
While mortgage markets stay volatile, the unemployment rate fell to the lowest level since early 2020 as inflation came in on target.
This week, mortgage rates continued their shockingly swift while Powell tightened monetary policy further.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
Mortgage markets experienced another volatile week as the Russian invasion of Ukraine dominated headlines.
Last week, mortgage markets experienced daily volatility as the Russia-Ukraine conflict led to soaring demand for mortgage-backed securities.