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Rates Back to 2017 Lows on Trump Tweet; Pitiful Supply Dampening Sales; Construction Contracts

Rates Back to 2017 Lows on Trump Tweet; Pitiful Supply Dampening Sales; Construction Contracts

Mortgage rates dropped today after news broke (first rumors, then confirmation via Twitter) that President Trump was disbanding his councils of CEOs. The move apparently came in response to attrition among several CEOs following Trump's press conference on recent events in Charlottesville, VA. In not so many words, Trump disbanded the councils before any more CEOs had a chance to quit. Political turmoil-- especially that which appears "anti-business" in any way--always runs the risk of hurting stocks and helping bonds. That's exactly what happened today. "Helping bonds" in this context means higher demand for bonds among investors. Excess demand for bonds pushes rates lower. The market reaction to the Trump news overshadowed what was set to be the day's big-ticket event up to that point--the
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