http://MikesDailyMarketReport.com: There are no economic data to report today. Next week, we'll have a number of important data, but the most important will be the Personal Consumption Expenditure (PCE) on Friday. This is the Fed's favorite index to gauge Consumer Inflation. MBS is pretty much following the cue from the Stock Market, which continues it's decline, as Investors stress over inflation induced shrinkage with Corporate Profit Margins, as the Fed continues to hike rates and concerns over recession and stagflation persists with the current economic environment. MBS started the day lower; however, quickly rose to positive territory (averaging between 6-11bps while filming this video). This isn't enough to change pricing (compared from yesterday), so Mortgage Rates remain Unchanged. Also, the current candlestick position on the chart is still above the 25 DMA. Meanwhile, Yields have slipped a bit further, just under 2.80%.
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