Tuesday, March 3, 2020

Daily Market Report 3/3/20

http://MikesDailyMarketReport.com: There are no scheduled reports on the Economic Calendar today.  Stocks were initially Up this morning, but are now in the Red after a Big rally yesterday (DOW closed Up nearly 1300).  Central Banks around the globe have been announcing rate cuts due to economies adverse effects from the coronavirus, including our Fed cutting 0.5% today.  This is a rare move by the Fed, as they typically handle these rate movements during their FOMC, which the next on is on the 17th and 18th of this month.  MBS is currently Up 42bps, which is at the same point we were yesterday morning before the MBS dropped in the latter part of the day, as investment funds were moving back over to equities.  That had led to an intra-day re-price for the worse.  So, Mortgage rates are better than yesterday's close, but the same level of pricing as yesterday morning's pricing.  Yields are currently testing their floor of support at the 1.06% level (currently at the All Time level).

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