Waste Of The Day: Stolen Education Grants

Home Refi Activity Plummets As Mortgage Rates Hit 9-Month Highs Refinancing activity in the U.S. housing market plummeted last week as mortgage rates hit their highest level in nine months, new industry data released on May 27 show. Refinancing decreased by 18 percent for the week ending May 22 and is up by 19 percent from the same time a year ago, according to the Mortgage Bankers Association. “Many borrowers understandably backed away from refinancing last week,” Joel Kan, the firm’s vice president and deputy chief economist, said in a statement. The decline...

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).  Overnight, JPMorgan agreed,...

US Gasoline Inventories Plunging On Surging Exports, Resilient Demand Prompt Brent/WTI crude nearby futures increased by 5/7% week-over-week to $105/101 as flows through the Strait of Hormuz remained very low and on limited signs of progress on a US-Iran deal. Meanwhile, as global oil inventories collapse at a record pace yet sliding Chinese demand and strategic releases from Beijing keep crude prices relatively stable, Goldman writes that the US gasoline market has become very tight, with inventories drawing at a rapid average pace of 0.7mb/d since April 1st to 5% below their...