Tuesday, February 25, 2020

Daily Market Report 2/25/20

http://MikesDailyMarketReport.com: The Case Shiller Home Price Index rose from 3.5% in November to 3.8% in December, as YoY numbers.  Also, FHFA HPI rose from 5.0% in November to 5.2% in December.  The reason for higher YoY numbers for FHFA HPI is because it represents homes with Conforming loans, which tend to be lower priced homes.  These homes are more affordable, so they're rising a bit more quickly (compared to higher priced homes).  Meanwhile, Consumer Confidence rose from 130.4 to 130.7 in February.  Overall, good numbers, as Home Prices are continuing to rise and Consumers feel very Confident.  Stocks started a rebound this morning, but quickly shifted into the Red again, as Economic Expansion concerns reign.  The impact of the coronavirus and signs that Yields are nearly at their All Time Low, reinforces those notions.  MBS is currently Up 6bps, and broke above it's ceiling of resistance yesterday.  Yields are sitting on a new floor of support at 1.325%.  I believe the All Time Low is at 1.31%, just underneath this floor of support.

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