The Week Before Christmas: Mortgage Edition

'Twas the week before Christmas when all through the States,

The market was slower, buyers wary of rates.

Santa Powell made an announcement along with The Fed,

With a 25BPS cut that had been dancing in his head.

Then out in Wall Street arose such a clatter,

And loan officers asked what could be the matter?

Away to the news sites they flew with comport,

And opened their blogs and Chrisman report.

With a little Q&A, so lively and quick,

Mr. Powell played a nasty commentary trick.

More rapid than eagles the markets they  flew,

Our prospects for cuts next year were now down to two.

“Now PCE! Now CPI! Now inflation go to 2,

Now jobs, now ADP! Now unemployment's 4.2.”

Two rate cuts for 2025 the elves on wall street now guess,

For 50 BPS total, making bonds all a mess.

Those refis were a dream, woken with a pinch,

J Pow took off his Santa hat. He was really the Grinch!