In this Weekly Mortgage Update commentary, industry veterans David Kittle, Bill Corbet, and Marc Helm explore the current state of monetary policy, highlighting the Federal Reserve’s cautious approach to rate cuts and the subtle signals it may send ahead of its next meeting. They examine the bond market’s stagnant “triangular” behavior, discuss how state and local government hiring is impacting job data, and express growing concern over federal overspending—most notably the costly Fed building renovation. With insights into political dynamics, economic data, and market psychology, this conversation sheds light on how perception and policy are shaping the future of interest rates and housing demand.