Wednesday, April 8, 2020

Daily Market Report 4/8/20

http://MikesDailyMarketReport.com: The FOMC Minutes from March 15th will be released later this morning.  We don't anticipate any effects, as this was their emergency meeting where they cut the Fed Funds Rate to 0% and announced their QE purchases.  Now only if we could get the FHFA (especially Director Calabria) to cooperate, then we could alleviate the burden of the Servicers whom are dramatically being affected with the forbearance -but Calabria won't seem to help!  Stocks are rebounding a bit today, after they suffered a huge 180 shift yesterday (the DOW suffering almost a 1000 point reversal).  Investors are watching for any information or plan as to the possibility of the some US economy being reopened.  MBS is Down 5bps this morning, but if you've been watching my videos, it's hard to say if rates really improved or worsened, as Lenders are still working thru their many issues.  If this was a normal Market, then watching the MBS Market would indicate that Mortgage Rates would be Unchanged from yesterday's close. Yields are still hanging around .75%.  These are being propped up on the Auctions, as the Govt. sells it's debt to finance the stimulus measures being passed.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt


No comments:

Post a Comment