Monday, March 16, 2020

Daily Market Report 3/16/20 The manufacturing sector in the NY region dropped dramatically, as the Empire State Index dropped 21.5% in March, which may be signs that the coronavirus is beginning to make it's way into the US economy.  Stocks are WAY Down today, even having another 15 minute pause due to the sell-off.  The Fed held an Emergency Meeting yesterday, in lieu of it's FOMC this week, and cut the Fed Funds Rate to near 0% and will roll-out another QE of $700 Billion to help with Liquidity concerns.  Please not that the Fed Funds Rate is NOT the same as Mortgage Rates, as I've been seeing a lot of confusion from lots of different places.  MBS was Up 200bps earlier, but is currently Up 123bps (down from earlier highs).  This would technically  improve Mortgage Rates, but I'm still seeing many Lenders artificially keeping rates high due to their capacity issues.  Yields are Down to .84% now.

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