Friday night by the fire light. Friday stats to ponder as we wrap up the week…

6.5

The first read of the most anticipated % for the remainder of 2023 arrived this week and it was exactly what everyone wanted to see. Progress. The YOY CPI print was an improvement over November’s 7.1% and helped support the peak inflation is “behind us” narrative. That in and of itself is good enough entering the holiday weekend.

19

Didn’t take long for the VIX to take notice and it quickly settled under 20. Calm seas. I took some risk off simply because that is what I do under 20, but I will admit it is nice to see a 19 handle. More wait and see mode ahead.

13

Friday the 13th was probably not the ideal day to usher in the Q4 earnings season but the key takeaway for me from the big bank earnings was “Cautious”. They too are in wait and see mode and more than willing to say “still very likely” when it comes to the R word.

3.511

Bonds caught a bid this week, whether that is taken as good or bad, it is good news for those homebuyers sidelined by higher rates. After seeing the 10yr well over 4% as recently as November, 3.511% looks good and mortgage rates will follow suit. Will it last? Dunno. Stay Tuned.

Enjoy the long weekend…