Market Overview - The market showed signs of fatigue before Jerome Powell's speech, where he stated that stocks are "fairly highly valued," leading to a slight sell-off in the market [1][2][3] - Powell discussed the economic landscape, highlighting the balance between inflation risks and a weakening labor market, indicating that future rate cuts are not guaranteed and will depend on incoming data [2][3] Federal Reserve Commentary - The week has seen a consistent theme of multiple Federal Reserve speakers, with Mary Daly being one of the notable figures providing commentary [4][5] - The market is expected to digest comments from both Fed officials and the Trump administration, which could influence market sentiment [5] Housing Market Insights - Recent data indicates a modest increase in mortgage applications, with purchases up 0.3% this week, following a 2.9% increase last week, and an 18% increase year-over-year [6][7] - Refinances saw an 8% increase this week, down from 24.4% last week, but still up 42% year-over-year [7] - Mortgage rates are trending downwards, with conforming loans decreasing from 6.39% to 6.34% and jumbo loans from 6.48% to 6.44%, moving closer to the 6% mark [7] Upcoming Economic Data - New home sales are anticipated to be around 649,000 to 650,000, with existing home sales data expected the following day [8] - The market is also awaiting GDP and PCE data later in the week, along with jobless claims, as expectations grow for two more rate cuts from the Fed [8]