Interest rates
Every Sainteur story on interest rates, newest first.
Producer prices rose 6.5% in the year through October, the largest 12-month increase since November 2022
The index rose 0.3 percent in October, seasonally adjusted, after a 1.4 percent advance in September. That was against a Dow Jones consensus for a 0.4 percent increase, CNBC said.
Bitcoin falls below $70,000 for the first time since August
It was at $69,172, down 4.64% as of Nov 13, 8:14 AM ET. Dow Jones Newswires said it is on track for a sixth weekly loss.
Existing-home sales fall to the lowest level since August 2010
Existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest since August 2010, NAR said, with the average 30-year fixed-rate mortgage at 7.33%, according to Freddie Mac, up from 6.25% a year earlier.
MBA weekly average 30-year fixed rate falls to 7.21%, a fourth weekly decline
The Mortgage Bankers Association's weekly average 30-year fixed rate fell to 7.21% last week from 7.30% for 20% down-payment loans, a fourth weekly decline and the lowest since mid-September. Applications rose 6.2% from the previous week, on the MBA's seasonally adjusted index.
Fed's Waller leans toward a December rate hike, even if October inflation improves
He said a 50 basis point increase should be considered if October's CPI reading looks like the past two months, and that hiking only a quarter point in that case would put the Fed's credibility at risk. The remarks are his own views, not a Committee decision.
Fox holds investor calls ahead of an expected Roku-deal bond offering
Fox ($FOXA, $FOX) is holding investor calls Monday ahead of an expected multipart Roku-deal bond offering, Mononews reported, citing Bloomberg. The Nov. 6 close brought $10.4 billion of new loans, including a 364-day bridge it expects to refinance with senior unsecured debt.
Japan bought a record ¥7.98 trillion of yen in one day, MOF data show
Japan's Ministry of Finance said the government sold dollars and bought yen totaling ¥7,975.6 billion on July 30, above April's record. Total July–September intervention was ¥15,399.3 billion.
July 31 included coordinated yen-buying with the United States, Asahi reported.
Treasury keeps auctions steady but softens guidance on future coupon sizes
Treasury dropped “at least” from its pledge to hold coupon sizes, and analysts read that as an opening for changes in the first half of 2027.
Treasuries rally as investors bet a Democratic Congress will limit spending
Two-year yields fell to an almost two-month low before giving some of it back, and money markets slightly trimmed their bets on Fed hikes next year.
Apollo lost $1.1 billion mostly on rate marks at its retirement arm and called it a strong quarter
Higher rates hit unrealized values at Athene, Apollo's retirement business, and pushed the firm to a GAAP loss. Its CEO led with record origination. The loss deserved the top line.
Gold rebounds from a one-year low as oil's slide eases inflation worries
Gold rebounded Monday from a one-year low as falling oil eased inflation worries, CNBC reported. Traders now put the odds of a December Fed rate hike at roughly 75%, down from 80% a week ago, per CME's FedWatch Tool.
Lagarde will leave the ECB in February, nearly nine months early
The ECB president said she wants the freedom to speak on matters beyond monetary policy. Her successor will be picked by EU leaders.
France's debt troubles look like everyone else's, only worse
A big deficit, a stalled budget and record planned bond sales for 2027 have made French debt the euro zone's pressure point, and other indebted countries are feeling it.
Gold didn't break as a haven. It got sold for cash as hike bets rose
Gold fell below $4,000 as markets priced a 78% chance of a December hike and margin calls hit. In my view that's gold working as cash, and the real story is the Fed's bind.
Gold falls below $4,000 for the first time since July as oil fuels Fed hike bets
Rising oil prices lifted Fed rate-hike bets and a tech sell-off pushed investors to sell gold to cover losses, leaving the traditional haven on track for its worst week since June.
Global credit spreads hit a 17-month high as AI borrowing fears spread to bonds
A Bloomberg index of global corporate bond spreads hit its widest since May 2025. This week Meta disclosed about $825 billion in commitments and a forecast need to raise hundreds of billions of dollars.
The credit market just got a vote on AI, and Meta handed shareholders the bill
Opinion: Meta's free cash flow turned negative and its default swaps hit a record. Its funding plan, a non-voting share class it says helps avoid debt, shows who now gets a say in AI spending.
10-year Treasury yield drops below 5% as AI jitters send investors running for safety
A sell-off in stocks over the AI trade sent money into government bonds on Thursday, pulling the 10-year yield under 5% for the first time since Sept. 23, with the odds of a Fed hike next week down to 7.2%.
Pending home sales drop 7.3% in September, and builders are pulling back too
Contracts to buy existing homes fell 7.3% in September, NAR said. Housing starts came in below forecast, builder sentiment sank to its lowest since 2012, and both trade groups point to mortgage rates.