JPMorgan, Citi see Fed dealing two half-point rate cuts in 2024
Major banks revamped their forecasts for US monetary policy Friday after data showed the US unemployment rate rose again in July, calling for earlier, bigger or more interest-rate cuts.
Employment data
Mortgage job cuts slow their pace of decline
While home lending employment fell, a stronger-than-expected report on the broader labor market immediately raised concerns about the potential for higher interest rates.
U.S. hiring surges, bolstering case for another Fed rate hike
Treasuries fell, extending a selloff in government securities that has rapidly pushed up yields over the past month and threatens to undercut the economy by driving up borrowing costs.
Nonbank mortgage jobs undergo a seasonal dip
The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.
Mortgage jobs inch up, broader employment and rate outlook mixed
The May uptick in nonbank housing-finance payrolls came almost entirely from lender hiring as loan broker numbers plateaued and construction demand persisted.
U.S. jobless claims jump to 211,000, led by New York, California
Applications for U.S. unemployment benefits last week rose to the highest since December, suggesting some softening in what's still a tight labor market.
Mortgage jobs post first two-month decline since 2019
The March estimates for payrolls of nonbanks involved in home lending confirm widespread anecdotal reports of industry layoffs, but strength in broader financial-services hiring could pick up the slack.
U.S. employment surveys diverge, showing mixed labor recovery
In November, employment increased by 1.14 million in the household survey but payrolls rose by just 210,000 in the employers survey, the biggest gap since October 2020.
Why servicers may not need to staff up for forbearance outcomes
So far companies plan on using roughly the same number of employees as they shift from handling payment suspensions to assessing borrowers who have seen long-term declines in their incomes.
