Weekly Economic Update: October 14, 2024 – Interest Rates and Key Economic Data

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As we kick off the week, all eyes are on the Federal Reserve and upcoming economic indicators that could impact mortgage rates. Here’s what to watch for:

1. Federal Reserve Meeting Minutes (Wednesday, October 16): The minutes from the September meeting will be released, providing insight into the Fed’s thinking on future rate hikes. Last month’s stronger-than-expected jobs data hinted that the Fed might hold off on any rate cuts soon, a sentiment that could continue to shape market expectations this week.
2. Consumer Price Index (CPI) (Thursday, October 17): Inflation data is always a critical driver for interest rates. With the CPI report due on Thursday, investors are expecting to see whether inflation pressures continue to ease or if they remain sticky. This could influence the Fed’s decision-making going forward.
3. Consumer Sentiment Report (Friday, October 18): The University of Michigan’s Consumer Sentiment Index will give us a glimpse into how Americans feel about the economy. Rising consumer confidence could support higher rates, as it signals ongoing economic strength.

Mortgage rates tend to move based on these economic indicators, so stay tuned for any shifts in the market. If you’re considering locking in a rate, it’s worth keeping an eye on these reports this week.