http://MikesDailyMarketReport.com: The PCE, the Fed's favorite measure for Inflation, rose 0.5% MoM in July, as it's YoY rose to 4.0%; whereas it's Core PCE (excluding food and energy) rose 0.4% MoM in July and it's YoY rose only to 3.5% (beating hotter estimates of 3.7%+). The Employment Costs for Q2 rose 0.7% (lower than estimates). Personal Income rose 0.1% in June; and Personal Spending rose 1.0% in June. Business activity in the Chicago region spiked in July, as the Chicago PMI rose from 66.1 to 73.4. According to the UofM Survey for Consumer Sentiment, it rose from 80.8 in June to 81.2 in July. However, Stocks are in the Red today on the decent economic data (sometimes good news is bad news) and Amazon missed their sales number for Q2. It was a very good number, but not enough for investors. Also, Investors are becoming more concerned over the Delta variant and it's possible impact with any growth in the economy. MBS is currently Up 6bps, so Mortgage Rate remain in the same range of pricing over the past 3 days (sideways movement). Again, there are signs of possible trend reversal, so be cautious! Yields have broken below it's Technical floor and sit just under 1.24%.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.
No comments:
Post a Comment