#cpi

#cpi

Futures are fighting to go green this morning. At the moment, the S&P 500 is down about 0.18%, or by 12 points. The SPDR S&P 500 ETF ( SPY) is up fractionally. The Dow is down about 0.13%, or by 77 points. The Nasdaq is down 0.33%, or by about 80 points. All after the release of the consumer price index, which showed a slower annual rate of inflation than expected.

Futures are trading higher after a wild Wednesday that saw the market rally hard on the open on the non-farm payrolls print that blew away estimates, despite a significant decline in government jobs. However, the "buy the rumor, sell the news" cliche came in fast and strong, quickly turning the rally into a big sell-off. While stocks rallied off late-morning lows, all major indices ended the day just modestly lower.

On Tuesday, HousingWire's Mortgage Rates Center, which tracks locked loans, showed that 30-year conforming loan locks averaged 6.35% three basis points (bps) lower than a week ago and closer to the 6.32% lowest level of 2025. Jumbo 30-year rates fell 4 bps compared to the prior week to 6.22%, while FHA 30-year loans were down from 6.2% to 6.18%. The government shutdown, which reached its 21st day on Tuesday,

The dollar index traded within a narrow range on Monday as easing US-China tensions provided support to the greenback. Market sentiment improved slightly after President Donald Trump signalled that broad tariffs on China would be unsustainable and negotiators from both sides confirmed plans for renewed talks in the coming days. Any progress this week could reinforce risk appetite and support the dollar, while setbacks could quickly reverse the tone.

The last time unemployment was 5% was in August 2021. The job market was rebounding from the COVID-19 pandemic, which had driven the jobless rate to 14.8% in April of the previous year. Economists often refer to 5% as "full employment." Above that level, there is a possibility of an inflationary increase. The jobless rate was 4.2% in July. It is up a fraction from 3.4% in April of last year.

Most industry metrics focus on asking prices for empty units in large apartment complexes, which may not reflect the actual rent trends experienced by tenants in Southern California.