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Mortgage Rates Mixed Follow Fed Chair Testimony

Posted To: Mortgage Rate Watch

Mortgage rates were mixed today following the much-anticipated congressional testimony by Fed Chair Jerome Powell. Although these testimonies are regularly scheduled events (twice a year), they can offer important insights into the evolution of thought at the Fed. This depends on the timing of various market movements and Fed communications, of course, as well as the questions asked by Congress. In today's case, investors were very interested to hear what Powell thought of the market's expectations for 3 rate cuts in 2019 and whether last week's strong jobs report changed anything. He didn't really get a direct question about the rate cut outlook, but he was unequivocal in saying the jobs report would not have an impact on the outlook. Perhaps more importantly, in the prepared remarks released...(read more)