http://MikesDailyMarketReport.com: We have some housing data to report, which 2 of the items were from the delayed reports due to the Gov't Shutdown. Housing Starts dropped from 1.214 million annualized units to 1.078 million. However, the Building Permits rose from 1.322 million annualized units to 1.326 million. Case-Shiller Home Price Index dropped from 5.1% to 4.7% YoY in December. Consumer Confidence soared in February, going from 120.2 to 131.4. Fed Chair Jerome Powell is giving his Testimony before the Senate this morning, which provided a boost to Stocks. They began the morning in the Red after some disappointing Earnings results, but improved to Mixed (DOW is only index in Red), as the Fed Chair provided his thoughts on the Fed's decisions. He stated that the economy appeared relatively healthy, but there were some "conflicting signals", which led to the decision to a wait and see approach with the interest rate movement, as well as, the Balance Sheet reduction. MBS is up 5bps, which Mortgage Rates remain Unchanged from yesterday's pricing. Yields have dropped to 2.65%.
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