March 8, 2023
US Mortgage Rates Increase for a Fourth-Straight Week
US mortgage rates increased for a fourth week to the highest level since mid-November, according to the Mortgage Bankers Association.
The contract rate on a 30-year fixed mortgage rose 8 basis points to 6.79%, the group said Wednesday. The group’s index of mortgage applications to buy a home, however, increased. The data can be volatile around holidays, and the week followed Presidents’ Day.
Investors Bet on Europe’s Inflation Matching US in Echo of Financial Crisis
For the first time since the global financial crisis, investors are betting long-term inflation in the euro area will match that of the US, underscoring the dramatic shift in the outlook for Europe recently.
A proxy for inflation expectations in the euro area in the second half of the next decade — the so-called five-year, five-year forward inflation swap rate — is at roughly 2.5%, catching up with the US on wagers of prolonged price pressures. That’s a monumental reversal for the region where central bankers, conversely, turned to negative rates and bond-buying to fan the economy and below-target inflation for most of the past decade.
Hold the Mayo as Japan Egg Shortage Hits McDonald’s to 7-Eleven
McDonald’s, 7-Eleven and mayonnaise-maker Kewpie are just some of the firms in Japan contending with the worst-ever global outbreak of bird flu.
Of 100 listed restaurant companies in Japan, 18 had suspended egg-related items as of March 5, according to Teikoku Databank. Fewer hens led to a near-doubling in the wholesale price of the farm staple to 327 yen ($2.37) a kilogram in February from the year before, the research firm said on Tuesday.
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