So we missed as I suspected.  Prices and employment a bit hot, but consumers not so much.  We gave it a shot, took the risk and we weren’t hurt.  We held 2.32.  Again, no big win here, just bought some time.  Next week is a big week:  ISM, ADP, NFP, Fed.  The bottom line is the data has been worsening so I don’t see tremendous risk here.  If you are counting eights and quarters you may want to be a bit more cautious.  End of day might get choppy with month end.  Frankly, I couldn’t arguing with locking around here.  Particularly on near term closings. 

If I can digress for a second.  Forgetting what rates do tomorrow, what the Fed does next week, etc, etc etc, can we talk about GDP for a moment.  

Firstly, Q1 is seemingly always weak.  I’ve tracked this in earlier posts.  So why anyone was thinking it wouldn’t be is beyond me.  Does it feel like groundhog day here?

I’d challenge anyone to show me why 2017 is any different from the last decade.  I just don’t see 3% in a minute as they say nowadays.

.7%?  Really?

-Philip Mancuso