Wednesday, June 26, 2019

Daily Market Report 6/26/19 Durable Goods Orders are still dragging, as Boeing's (737 Max) woes continue to bring down those numbers.  April's numbers were revised lower, as the revision led from -2.1% to -2.8%; and it declined 1.3% in May.  However, if you remove Transportation, then it improved from 0.0% in April to 0.3% in May.  Stocks are in a good mood today, as comments by Steven Mnuchin on CNBC were the US and China Negotiations are 90% completed.  However, that hasn't changed prior to the stall in the negotiations, as we were 90% completed at that point.  President Trump and Jinping plan to meet Saturday at the G20 Summit in Japan, as they discuss bridging the gap between the two nations.  As a result of the positive news for stocks, this is creating more pressure for MBS, as they are currently down 11bps.  This has resulted in a slight worse in pricing for Mortgage Rates.  Yields are clawing their way back to the (newly turned) Ceiling of Resistance at 2.03%.

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