Friday, November 8, 2019

Daily Market Report 11/8/19 Consumer Sentiment rose slightly from 95.5 to 95.7, which was better than expectations of it dropping to 95.0.  Wholesale Inventories dropped 0.4% in September.  Stocks are in Mixed Territory today, as President Trump stated that he didn't authorize any roll-back on Tariffs, per comments made out of China yesterday.  If you may recall, there were reports that China stated that Tariffs will be rolled back as part of Phase 1 of the agreement.  The US never acknowledged an agreement, but reports in the US that there were internal debates around these comments.  The Markets cooled off later in the afternoon.  MBS had a brutal day yesterday, after touching the low point of September 13th, which was approximately down 72bps, to close down 41bps.  This morning, it 's currently Up 2bps, so Mortgage Rates are approximately the same position that we started the day yesterday, or very slightly worse.  Yields are trying to stay above it's current Fibonacci and sitting at 1.92%.

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