http://MikesDailyMarketReport.com: There's a lot of data today on the Economic Calendar. We'll start with the Personal Income, which rose 0.4% in June; and Consumer Spending (on the other spectrum) rose 0.3% in June. The Personal Consumption Expenditure rose 0.1% in June and remained at 1.4% YoY; however, the Core PCE (excluding food and energy) rose 0.2% in June and it's YoY rose from 1.5% to 1.6%. The Fed's Target rate is 2.0%. This is important to note, as it's expected the Fed will cut the Fed Funds Rates by 0.25% tomorrow. The ECI report will be important for the Market, as they will want to gauge possible wage inflation. Case Shiller's HPI dropped from 3.5% YoY appreciation in April to 3.4% in May. Consumer Confidence soared to 135.7 in June! Pending Home Sales picked up in June at the tune of 2.8%. Stocks are Down this morning, as they continue to cipher thru the Earnings Reports and watch the US/China continue their Trade Talks. Expectations are low at this point, as neither side seem to want to budge on remaining differences. The FOMC begins it's 2 day meeting today. As mentioned, they're expected to cut it's Fed Funds Rate by 0.25% tomorrow morning (announcement will be around 11:15am PST). MBS is currently Up 2bps, so there's not enough movement to have any price changes with Mortgage Rates this morning. Yields are currently sitting at 2.06%.
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment