http://MikesDailyMarketReport.com: Housing Starts, which had a 14 year high in December was revised higher from 1.608 million to 1.626 million; so, it stands to reason there will be a bit of a pull back in January, which it did decline to 1.567 million. It's still better than it's forecast of 1.440 million. Media is harping on the drop of 3.6%, but if you remove the positive revisions, then it's 2.5% drop; also, they're not informing the public that December's number was a 14 year high. Building Permits increased from 1.420 million in December to 1.551 million. This is a 13 year high in Building Permits. This data is important because it's future Housing Starts. The Producer Price Index and it's Core PPI (PPI excluding food and energy) spiked up 0.5% in January. The YoY for the PPI rose from 1.3% to 2.1% in January; whereas, it's Core PPI rose from 1.1% to 1.7% in January. This is a pretty steep spike, so we'll definitely keep our eyes on it. Later today, the FOMC Minutes will be released. Most of this info will be outdated, as the Fed Chair testified before Congress last week. However, Investors may look for any insight to possible Rate Cuts for this summer. Stocks are Up this morning on news that China is implementing some measures to help the Small Businesses that are affected by the coronavirus after Apple and Walmart warned about future profits being affected by it yesterday. We have several Fed Members speaking today. MBS is currently Down 2bps. We haven't been having much movement in either direction to move pricing on Mortgage Rates in either direction, so they remain Unchanged. Yields have climbed a little bit to just under 1.57%.
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