Consumer Price Index data came back flush with expectations, but Housing Starts were stronger than expected, up almost 16 percent in July. Mortgage bonds had started the day relatively strong but have been sinking ever since. Look out for rising mortgage interest rates.
For market movers this week, keep an eye out for Thursday's Jobless Claims, Philly Fed Business, and Existing Home Sale numbers.
Yesterday: A stronger than expected NAHB housing report contributed to mortgage bond weakness in the morning, and was the only significant economic news for the day. Builder confidence rose two points in August to 55, the highest levels since January. Mortgage rates rose.
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