- 30-year mortgage rates climbed to 6.65% (a nine-month high) and mortgage applications fell, largely due to a drop in refinancing.
- Fears the Iran war is keeping oil and inflation elevated (CPI up 3.8% y/y) have pushed Treasury yields and borrowing costs higher.
- Kevin Warsh just took over as Fed chair, and markets are now pricing a possible rate hike by year-end despite hopes for lower rates.
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