Where should we begin this week? There’s President Trump making good on one of his campaign promises over the weekend, and it wasn’t ending Russia’s attack on Ukraine or bringing down the price of gas and eggs. He checked off announcing planned tariffs. Sure, you’ll probably pay more for avocados for your guacamole for the Super Bowl party (or switch entirely to salsa), but no one cares, right? More importantly for the inventory of housing, the move will impact builders, real estate, and local economies. To start, Trump tariffs on Canadian lumber will be problematic for the Lahaina, Carolinas, and California’s disaster recovery… or any builder that uses wood. Who is Maine’s largest trading partner? Canada. Economists expect auto parts, oil, tequila, etc. prices to rise, and U.S. farmers gird for retaliation on their prices for soybeans, corn, and wheat… At least those are the predictions. There are potential advantages: certain products’ manufacturing may shift from other countries to here, helping our economy. With unemployment already low, we shall see! (Today’s podcast can be found here and this week’s is sponsored by Optimal Blue. OB bridges the primary and secondary mortgage markets to deliver the industry’s only end-to-end capital markets platform, helping lenders maximize profitability and operate efficiently so they can help American borrowers achieve the dream of homeownership. Hear an interview with Mike Russell on foreclosures and how mortgage companies can work with borrowers to avoid the process.)

US President Donald Trump is planning to slap tariffs on goods from Canada and Mexico on Saturday. Now comes the guessing game of how they will affect the global stock market.

Former Consumer Financial Protection Bureau Director Rohit Chopra in a Feb. 1 letter to President Donald Trump confirmed that his “term as CFPB Director has concluded.”

President Donald Trump said he would impose tariffs on a wide range of imports, including oil and metals, in the coming months, expanding his plans to enact sweeping trade levies well beyond those set to hit China, Canada and Mexico on Saturday.

The Federal Home Loan Bank called the transition to special policy advisor a joint decision between the executive and board as new reviews in Washington start.

Close to 88% of all homeowners reported staying in the same home year-over-year compared to 85.1% reported a decade ago, per U.S. Census data.

The regulator has a projected fiscal year 2025 budget of $810 million, according to a nonpartisan analysis.

The Trump administration’s Office of Personnel Management sent a memo of frequently asked questions encouraging civil servants to go on vacation and even take a second job, which in some instances is contrary to longstanding agency conflict-of-interest rules.

Here in Las Vegas, I asked a German girl if Germans are afraid of numbers. She said 9. Numbers are interesting, as we will find out with the declared Trump tariffs on Canada and Mexico. Do you know the difference between an American roulette wheel and a European wheel? The American version has “00.” Fans of Lucifer and numerology know that, for both, the numbers add up to 666. Like other disasters in Lahaina or the Carolinas, builders have some interesting numerical perspectives on how the “Black Swan event” of the LA County fires will impact housing stock, the permit process, and the ability to rebuild. Three thousand miles away, in Maryland, due to state government lenders are pulling out and local banks no longer lending, the latest example being PHH Correspondent: “PHH will no longer accept new locks for our Non-Agency products in the state of Maryland.” More below on yet another example of how entwined government is with lending, and how the stroke of a pen can negatively impact borrowers, lenders, and vendors. (Today’s podcast can be found here and this week’s is sponsored by Figure. 50 percent of the top IMB’s use them, and if you haven’t examined your HELOC & HELOAN strategy recently, it’s time to get on it. Hear an interview with CloudVirga’s Jessica Evett on consumers’ level of satisfaction with the mortgage process and their expectation of technology and AI throughout the process.) Broker and Banker Products, Software, and Services

This morning’s PCE inflation data was in line with expectations with the annual core PCE price index coming in at 2.8% and the monthly core coming in at 0.2%.  The initial reaction was weaker, possibly because the 0.2% monthly number is not low enough to suggest a quick return to the 2.0% annual target. As traders digested the data, the unrounded numbers were a bit friendlier, prompting a reversal back toward stronger levels. Comments from Fed’s Goolsbee helped as well. The initial selling pressure and subsequent bounce back leave bonds at unchanged levels heading into the PM hours. Potential tariff announcements could cause an additional move in either direction depending on timing and details. The start date is now said to be March 1st instead of Feb 1st.