Financial media is fond of calling each month's U.S. jobs release "THE MOST IMPORTANT NFP REPORT OF ALL TIME," but this time around, even the pundits struggled to impart too much significance to today's release. After all, the earliest that the Federal Reserve could possibly raise interest rates is in mid-March, and traders will see another, more timely jobs report at the start of next month. Going out to June, when traders currently think the Fed is most likely to hike, there will be a full four more NFP releases after today's.
And like that, it happened. Despite the polls, despite what anyone believed was possible, including many of his own supporters, billionaire developer Donald J. Trump was sworn in as the 45th President of the United States.
Applications for U.S. mortgages to buy a home rose to a six-month high last week as mortgage rates retreated further from more than two-year highs, Mortgage Bankers Association data released on Wednesday showed.