Weekly Market Snapshot – September 28th, 2020
Created by: Sam Tenney
- New US Jobless claims have stalled, with recovery momentum slowing down and continuing claims coming in at 8.6%, down from 8.7%. With no further stimulus on the horizon, it’s likely more fiscal policy support will be needed to drive any faster growth.¹
- FHA Loans continue to increase default rates, hitting record highs of 16% default rate on 8 million loans in the second quarter. This is the highest default rate for Fair Lending home loans on record, dating back to 1979.²
- The Bank of England has reinforced its stance on negative central interest rates being a viable tool for future monetary policy. “The latest news, that we are seeing a faster return of Covid-19, is extremely difficult news for all of us … this does reinforce the downside risks we have in our forecasts” ³
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