The key bond rate that affects mortgages looks ready to break higher [CNBC]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: CNBC
The key rate that affects mortgages and a slew of other loans is looking ready to break higher. The benchmark 10-year Treasury yield briefly touched a high yield of just over 3.113 percent Tuesday morning, just as the Fed began it two-day meeting. That is the highest level since May 18, when the 10-year yield hit a high of 3.128 percent. As far as direction, I think if you see a decent break above 3.11, let's say it goes to 3.15, I would say the next stop is 3.30 , 3.40, said Michael Schumacher, director rate strategy at Wells Fargo. I think the big shift psychologically is the average hourly earnings, and that made people think this wage increase is real and that's the one piece of the puzzle the central banks didn't have. That wage report came out on Sept. 7 in the August employment rate, and it showed hourly wages grew on 2.9 percent on an annual basis. The 10-year yield has moved higher since then, since it implies inflation could be picking up—meaning the Fed
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/17/24 - Form 424B2
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 3
- WFC's page on the SEC website