Economy · June 22, 2022

Calculated risk: Wednesday: testimony from Fed chairman Powell

from Active calculated risk 21/06/2022 21:08:00

Mortgage ratesFrom Matthew Graham to Mortgage News Daily: Slightly higher mortgage rates to start the week

Mortgage rates climbed well within the 6% range last week before cooling rapidly following Wednesday’s Fed announcement. The top tier median rate was almost back below 6% by Friday. [30 year fixed 6.07%]
emphasis added

• At 7:00 am ET, The Mortgage Bankers Association (MBA) will publish the results for the index of applications for the purchase of mortgages.

• At 9:30, Testimony, Fed President Jerome Powell, Semi-annual report on monetary policy to CongressBefore the Banking, Housing and Urban Affairs Committee, United States Senate

During the day, The Hague Architecture billing index for May (a leading indicator for commercial real estate).

On COVID (focus on hospitalizations and deaths):

COVID metrics
Now Week
Percentage fully vaccinated 66.8% ≥70.0%1
Fully vaccinated (millions) 221.9 ≥2321
New cases a day3 89.102 106,368 ≤5,0002
Hospitalized3 23,992 24,066 ≤3,0002
Deaths a day3 239 307 ≤502
1 Minimum to obtain “herd immunity” (estimated between 70% and 85%).
2my goals to stop daily posts,
3Average of 7 days for cases, currently hospitalized and deaths
🚩 Increase in 7-day weekly average for cases, hospitalized and deaths

✅ Objective achieved.

Positive COVID-19 tests per dayClick on the graphic to enlarge the image.

This graph shows the daily mean (columns) and 7-day mean (line) of reported deaths.

Average daily deaths hit a low in July 2021 at 214 per day.