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BASS LAKE WATER LEVEL UPDATE
Lake Level Update As of February 23, 2025 -14′ 6″ @ 3362′ 2″
UPCOMING BASS LAKE EVENTS
SPRING FORWARD, DAYLIGHT SAVING TIME
Sunday March 9, 2025
BASS LAKE LIVE MARDI GRAS WITH ”WILD HARE”
March 8th, 2025
AROUND THE WORLD AT DUCEY’S – KOREA
March 12th, 2025
Lowest Rates in 2 Months
FEB NEWSLETTER ARTICLE
Article Courtesy Of:
Nick Schneider Retail Sales Manager Sierra Pacific Mortgage NMLS #214633
CONTACT ME: Office: 559-683-5500 Mobile: 559-760-6444 Fax: 559-683-4338 nick.schneider@spmc.com
Lowest Rates in 2 Months. Was it The Fed or Econ Data?
It ended up being another good week for rates with another Friday drop to the lowest levels in 2 months. Momentum shifted for the better after Wednesday’s Fed Minutes but accelerated quickly after Friday’s release of the S&P Services PMI–a broad index tracking business activity in the services sector.
Weaker economic data tends to promote bond buying which, in turn, pushes rates lower. The S&P data was one of the week’s only important reports, so it was no surprise to see an obvious reaction in rates when it came out at the weakest levels since 2023.
But the Fed is the Fed! And although this week’s “minutes” release was simply a more detailed account of a meeting that happened 3 weeks ago, there was some new information that didn’t come up in the Fed’s official statement or press conference.
In a nutshell, the Fed is considering a policy change that would restart the normal process of reinvesting proceeds from its bond market holdings back into the bond market. The Fed is currently not reinvesting those proceeds as a part of process of normalizing the size of its overall asset portfolio. The change would be functionally equivalent to additional buying demand in the bond market,
So which event contributed more to this week’s rate drop? .
That’s impossible to say for a few reasons. First off, it’s not a complete list. Treasury Secretary Scott Bessent helped rates on Thursday morning by saying he wasn’t in a hurry to change the mix of newly issued Treasury debt. This is a key consideration for rates like mortgages and longer-term Treasuries that would put upward pressure on those rates.
Then on Friday, in addition to the sharply weaker S&P PMI data, there was heavy selling in the stock market in the afternoon
When stocks are selling for their own reasons and when that sell-off is large, investors often seek safer havens in the bond market, thus pushing rates lower.
Clearly, Friday looks like the bigger deal for rates and if we bring trading volume into the conversation, the PMI data looks like the bigger deal.
Ultimately, assigning credit doesn’t matter too much in this case because both clearly were more than insignificant. Rates may be at the lowest levels since December 18th, but they’re not even halfway back to the early December lows, let alone the summertime lows near 6%.
Information courtesy of Nick Schneider Retail Sales Manager Sierra Pacific Mortgage NMLS #214633
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