http://MikesDailyMarketReport.com: The Nonfarm Payrolls Report released a much hotter number than expected (165k) to 273 in February; also the previous 2 months were revised higher by 85k. The Unemployment Rate dropped from 3.6% to 3.5%. Average Hourly Earnings rose by 0.3% MoM; however, it's YoY dropped from 3.1% to 3.0%. Wholesale Inventories continued it's contraction trend, as it dropped 0.4% in January. Stocks are Down a lot again today, as headlines dominate coronavirus news. MBS is benefiting from the news, as investors move their investment to "safe havens". Currently MBS is Up 38bps and testing it's ceiling again. Mortgage Rates are improved today. One thing to note, we're seeing Investors not moving on improvements, as indicated on the Charts, as there have been wide swings, and they're trying to protect themselves. Expect them to work themselves thru it within a few days (assuming we maintain those levels). Yields continue their freefall, and is sitting just above a new floor of support at 0.73%.
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