http://MikesDailyMarketReport.com: ADP is starting the jobs numbers for this week in the right direction, as they reported 275k new jobs in the private sector. However, in the Manufacturing sector, we have 2 conflicting reports. The Markit Manufacturing PMI increased from 52.4 to 52.6 in April; whereas, the ISM Manufacturing Index dropped from 55.3% to 52.8% in April. Construction Spending dropped 0.9% in March. Later today, around 11:15am PST, the Fed will wrap up their 2 day meeting and provide their announcement. There is not expected to be any rate movement today. However, the Investors will be listening for clues on possible rate movement in the future and their forecasts. Stocks are trading modestly in Positive Territory this morning, ahead of the Fed Announcement. Corporate Earnings Reports continue to sway the Markets. MBS is currently Up 5bps, but not quite enough to move Mortgage Rates, so Mortgage Rates remain Unchanged this morning. Yield have slide down to 2.48%.
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