http://MikesDailyMarketReport.com: The Weekly Jobs reported that 222k people applied for first time unemployment benefits last week. The previous report was revised higher by 2k, to 224k. The Markit Manufacturing PMI released their final number for December, which came in at 52.4. This is higher than it's initial reading of 52.2, but lower than November's report at 52.6. Stocks are Up this morning as we begin the New Year. The only Market news is out of China, which the People's Bank of China lowered their reserve requirement on deposits for Commercial Banks, in order to stimulate it's economy. They reduced it by 0.5%. Also, like our Manufacturing data being reported today, their PMI came in lower than November's report, but still in expanding territory. MBS is currently Up 17bps. If they can maintain these levels, then there's potential improvement for rates, as there will be approximately another 40bps until next resistance level. That will be approximately .125% to .250% improvement to Mortgage Rates, as they have improved a bit today. Yields are falling, as they've reached just below the 1.86% level.
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