Phil Grossfield's Blog


Steam Room Conversation: Jobs Report

steamroomMy Schedule…and A Little Extra:  Steam room horror at the health club…don’t get the wrong idea…let me explain….  I like to take a steam after my workout.  In fact, I workout so I can take the steam.  Anyway, there’s this one guy that is always in the steam room…our schedules must be synched, like roommates at an all-girls college.  This guy is the life of the locker room…everyone knows him and he is always engaged in a classic locker room conversation.  I’m pretty sure this guy comes to the club for an executive workout, you know, no exercise…just a sh**, shower, and shave. What irks me is I have some kind of internal pressure to get in on the conversation, like a junior high school nerd trying to be part of the cool guys discussion.  And so I’ve been waiting for the opportune moment to get in on the conversation…my need for social acceptance is palpable.  And then my chance presents itself!  The conversation turned to an issue involving interest rates and the market…my expertise…perfect!  I quickly blurt out a comment so relevant and witty surely they will see that any future conversation without me would be disappointingly humdrum.  There is a pause, a short remark, and then the conversation reverts and once again I’m excluded…I’m out.  Oh the horror!  From now on, I’ll just keep quiet in the steam room like usual…unsurprisingly that seems like the right course of action anyway….

My Market Watch:  Rates/pricing are worse due to a strong economic report…jobless claims.  The report indicated that there were less claims…if you’re a trader on Wall Street and you’re looking for information on whether the economy is strong or weak, then seeing less jobless claims is an indication of a strong economy, right?  So, as a trader you decide to put your money into the strong economic market, i.e., the stock market.  And where do you get money to put into the stock market?  You pull money out of bonds.  And viola, bond prices get worse and lender rates/prices accordingly get worse too.  So, tomorrow is the Jobs Report which measures how many new jobs are reported.  Again, if the report shows strength in the economy, traders will invest in stocks and rates/pricing should worsen again.  However, if the report comes in lower than expected, which is supposed to be 165,000 new jobs in February, then traders will pull money out of stocks and put that money into bonds instead, and if that happens pricing will improve. The key for that to happen is the number of new jobs has to come in much shorter than expected, around 125,000 new jobs…this would make the swing we need for lower rates/pricing.  What’s going to happen?  Let me know if you have a clue…. My Disclaimer

My Schedule:  Today I am driving my parents around and hitting the local Starbucks wherever I am.

My Fun Stuff: I watch this almost every single day  |||  All My Fun Stuff

My Important Reminders:

  • PURCHASE PRIORITY SENIOR UW TEAM.  Effective immediately, all purchases will be assigned to a Senior Underwriter team who will exclusively underwrite, condition, and clear conditions.  This is contrary to our normal queue-strategy for refinances using junior underwriters.  Interbank is doing this at the suggestion of the Account Executives who voiced their opinion that we need a more timely, consistent and predictable process for purchase transactions to give our clientele continued confidence to send them in.
  • APPOINTMENTS.  I am setting up appointments for the next several weeks…please let me know if you’re interested in an office visit.  I will be sharing my insight on how to get new business in 2013 and what to prepare for as the year progresses….
  • STILL WANTED.  We are looking for Senior Underwriters, Loan Coordinators, Junior UWs, Doc Specialists and Funders. Referrals are greatly appreciated.  Remote positions are available.

2 responses to “Steam Room Conversation: Jobs Report

  1. Frank Hickey March 12, 2013 at 4:49 pm

    Hello Phil,

    Don’t bother talking to the people in the locker room, more often than not they are a little to a lot off center. Do your workout and steam room and get the hell out of there. Trust me I’ve owned a World Gym in the past and have been in workout clubs for more years than I can count.

    Good to hear you’re keeping in shape even if it’s the steam that brings you in.

    Frank Hickey

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