http://MikesDailyMarketReport.com: Weekly Jobless Claims report that 230k people applying for Unemployment Benefits, same as previous week's number. Q1 Productivity jumped Up 3.6%, while Q1 Unit Labor Costs dropped by 0.9%. Factory Orders jumped Up 1.9% in March. So overall, a very good news from the Economic Calendar. However, the Stock Market started the morning off in Positive Territory, then shifted into Negative Territory. Investors didn't care much for the Fed's announcement yesterday, calling Inflation transitory (as it's been under it's 2% target rate) and stating that the next rate movement may not be a rate cut. Investors were hedging that there will be a 60% chance of a rate hike by end of the year; however, now it shifted to 49.9%. There are reports that China and US are close to agreement and may announce it's conclusion by next week, as they continue to close the gaps. MBS is currently down 8bps, so Mortgage Rates continue it's sideways pattern and remain Unchanged. Yields climbed Up again, back to it's 2.52% range.
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