10:00: Philadelphia Fed business index for Nov…will it follow the Empire index? Earlier this week, the Empire index surprised sharply to the downside. with a big slump in the orders index. As a result, we suspect this report will likewise show a setback in manufacturing activity in the Philadelphia Federal Reserve District.
Median forecast (of 60): +5, ranging from -5 to +12; last +1.0.
10:00: Index of leading indicators for Oct…a solid gain. The main drivers this month should be the yield curve (+25bp), stock prices (+16bp and real M2 (+13bp) with most other components either trivially positive or flat. The only decline comes from supplier deliveries (-8bp).
Median forecast (of 58): +0.5%, ranging from -0.5% to flat; last +0.4%.
10:00: Mortgage delinquencies and foreclosures for Q3…Last quarter the delinquency rate fell 21bp points from a record 10.06% to 9.85%, and the percentage of loans in foreclosure proceedings dipped 6bp, also from a record to 4.75%.
10:00: Federal Reserve Governor Elizabeth Duke testifies on “Foreclosure Documentation Issues”…to a subcommittee of the House Financial Services Committee.
16:30: Federal Reserve balance sheet…This report should start to show the balance sheet effects of the large-scale asset purchases (LSAPs), as it incorporates the first three operations under the new program. The total sales amounted to roughly $20bn, though some of this would include the reinvestment of repayments of principal on holdings of MBS and agency securities.
Carlos Figueira - Keypoint Mortgage 