Thursday, July 27, 2017

Fed, ECB Highlight the Week

Overview: Two major central bank meetings caused some volatility in mortgage rates over the past week. Neither ended up having much net effect, however, and mortgage rates ended the week with little change.

As expected, the U.S. Federal Reserve made no change to the federal funds rate at its meeting on Wednesday. Of note, the Fed statement said that officials expect to begin to reduce its holdings of Treasury securities and mortgage-backed securities (MBS) "relatively soon." Investors think that this policy change may be announced as early as the next meeting on September 20. The statement also slightly changed its description for inflation as "running below 2%" instead of "running somewhat below 2%." Concerns that the Fed might be more hawkish had caused mortgage rates to rise on Tuesday, but the increase was reversed on Wednesday when the statement contained no surprises.

While the Fed is currently holding its balance sheet steady and plans to soon begin to shrink it, the European Central Bank (ECB) is still adding to its portfolio. At the ECB meeting on July 20, investors were hoping to learn more about the ECB's plans for its massive bond purchase program next year. Investors were disappointed by a lack of new information, though, as ECB President Draghi only provided the vague guidance that the discussion about when to begin scaling back the program should take place "in the fall."

The housing data released this week revealed that home sales have been holding fairly steady in recent months, despite a lack of inventory in many markets. In June, sales of previously owned homes decreased a little from May, but they still were higher than a year ago. Total inventory of homes for sale fell slightly to a 4.3-month supply, and it was 7% lower than a year ago. In addition, the median existing-home price was 7% higher than a year ago.

Week Ahead

Looking ahead, the Durable Goods Report will be released on Thursday. The first reading for second quarter Gross Domestic Product (GDP), the broadest measure of economic growth, will come out on Friday. The core Personal Consumption Expenditures (PCE) Price Index, the inflation indicator favored by the Fed, will be released on August 1. The Institute for Supply Management (ISM) Manufacturing Index also will come out on August 1, and the next Employment Report will be released on August 4.

Contact me to discuss how I can help your clients with their mortgage needs.

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James P. Anzano
NMLS #209792
Glendenning Mortgage Corporation
81 E. Water Street
Toms River, NJ 08753
732-240-7227
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This letter is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms and conditions are subject to change at any time. State License Disclosures for Glendenning Mortgage Corporation (NMLS 209086): • Licensed Lender, Delaware Office of the State Bank Commissioner (Lic.# 019170) • Licensed Florida Lender Servicer, Florida Office of Financial Regulation • Licensed Residential Mortgage Lender - Licensed by the New Jersey Department of Banking and Insurance • Licensed Pennsylvania Mortgage Lender, Pennsylvania Department of Banking & Securities

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Wednesday, July 26, 2017

Erik van Lieshout (Dutch, born 1968). Untitled. 2014. Conté crayon, synthetic polymer paint, felt-tip pen, and vinyl on paper, 59 x 107 7/8" (149.9 x 274 cm). The Museum of Modern Art, New York. Acquired through the generosity of The Contemporary Drawing and Print Associates of The Museum of Modern Art in memory of Riva Castleman, 2015. © 2017 Erik van Lieshout

Unfinished Conversations:
New Work from the Collection

Through July 30

The Museum of Modern Art

Unfinished Conversations: New Work from the Collection brings together works by more than a dozen artists, made in the past decade and recently acquired by The Museum of Modern Art. The artists that make up this intergenerational selection address current anxiety and unrest around the world and offer critical reflections on our present moment.

The exhibition considers the intertwining themes of social protest, the effect of history on the formation of identity, and how art juxtaposes fact and fiction. From Cairo to St. Petersburg, from The Hague to Recife, the artists in the exhibition observe and interpret acts of state violence and the resistance and activism they provoke. They reexamine historical moments, evoking images of the past and claiming their places within it. They take on contemporary struggles for power, intervening into debates about government surveillance and labor exploitation. Together, these artists look back to traditions both within and beyond the visual arts to imagine possibilities for an uncertain future.

The title of this exhibition is inspired by John Akomfrah’s three-channel video installationThe Unfinished Conversation (2012), which is included here and chronicles the life and work of the Jamaican-born British cultural theorist Stuart Hall (1932–2014). Hall recognized the power that museum collections have to both shape and reflect culture and communities, contending that they are sources of inspiration “which create thought-provoking visions of our past. They provide testimony to the darkest and brightest of human history.”

Unfinished Conversations includes works by John Akomfrah, Jonathas de Andrade, Anna Boghiguian, Andrea Bowers, Paul Chan, Simon Denny, Samuel Fosso, Iman Issa, Kim Beom, Erik van Lieshout, Cameron Rowland, Wolfgang Tillmans, Adrián Villar Rojas, Kara Walker, and Lynette Yiadom-Boakye.

Organized by Klaus Biesenbach, Chief Curator at Large, The Museum of Modern Art, and Director, MoMA PS1; Lucy Gallun, Assistant Curator, Department of Photography; Thomas J. Lax, Associate Curator, Department of Media and Performance Art; Christian Rattemeyer, The Harvey S. Shipley Miller Associate Curator, Department of Drawings and Prints; and Yasmil Raymond, Associate Curator, Department of Painting and Sculpture, with Elizabeth Henderson, Department Coordinator, Office of the Chief Curator at Large.

JULY 2017

CityParks PuppetMobile presents Cinderella Samba at Union Square – South Plaza

July 27 @ 11:00 am - 12:00 pm

Cinderella Samba is a contemporary twist on the classic “Cinderella” fairy tale. The CityParks PuppetMobile production sets the timeless tale in the lush landscape of Brazil, where, thanks to the help of her fairy godmother, Cinderella attends Rio de Janeiro’s biggest Carnival gala and dances the samba with Prince Paulo himself. After Cinderella is forced to flee the gala just before midnight, the prince sets out to find the mystery woman who stole his heart, in hopes of marrying her. The…

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