http://MikesDailyMarketReport.com: Today, we have reports from Markit PMI flash for the month of February with both sectors (Manufacturing and Services) reporting. The Manufacturing dropped from 51.9 in January to 50.8 in February; while, Services dropped from 53.4 in January to 49.4 in February. Any number above 50 is optimism/expansion and below 50 is negative/contraction. Existing Home Sales slowed a bit in January, as it reported 5.46 million annualized units. These numbers are a bit understated due to low inventory levels. Stocks are looking at the Markit PMI flash data being reported and understanding the impact of the coronavirus on the global supply chain and economic expansion. Stocks are down as a result of these concerns. MBS is the benefactor, as it's Up 8bps this morning, but yesterday closed Up near it's highs, so we're able to move a bit higher on the chart and see a little bit better pricing for Mortgage Rates this morning (after nearly 2 weeks of stagnant movement). Meanwhile, Yields are in abit of a freefall, as it dropped below 2 layers of floors of support, and currently sitting at 1.46%. Next floor is at 1.43%.
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