Tuesday, July 30, 2019

Daily Market Report 7/30/19

http://MikesDailyMarketReport.com:  There's a lot of data today on the Economic Calendar.  We'll start with the Personal Income, which rose 0.4% in June; and Consumer Spending (on the other spectrum) rose 0.3% in June.  The Personal Consumption Expenditure rose 0.1% in June and remained at 1.4% YoY; however, the Core PCE (excluding food and energy) rose 0.2% in June and it's YoY rose from 1.5% to 1.6%.  The Fed's Target rate is 2.0%.  This is important to note, as it's expected the Fed will cut the Fed Funds Rates by 0.25% tomorrow.  The ECI report will be important for the Market, as they will want to gauge possible wage inflation. Case Shiller's HPI dropped from 3.5% YoY appreciation in April to 3.4% in May.  Consumer Confidence soared to 135.7 in June!  Pending Home Sales picked up in June at the tune of 2.8%.  Stocks are Down this morning, as they continue to cipher thru the Earnings Reports and watch the US/China continue their Trade Talks.  Expectations are low at this point, as neither side seem to want to budge on remaining differences.  The FOMC begins it's 2 day meeting today.  As mentioned, they're expected to cut it's Fed Funds Rate by 0.25% tomorrow morning (announcement will be around 11:15am PST).  MBS is currently Up 2bps, so there's not enough movement to have any price changes with Mortgage Rates this morning.  Yields are currently sitting at 2.06%.

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