Thursday, April 16, 2020

Daily Market Report 4/16/20 Weekly Jobless Claims reported 5.25 million people applied for Unemployment Benefits for the first time last week.  This should push our Unemployment Rate between 15% - 20% now.  Housing Starts dropped from 1.564 million in February to 1.216 million in March.  Building Permits dropped from 1.452 million in February to 1.353 million in March.  Manufacturing in the Philadelphia region dropped even further, at levels not seen since 1980 (like in yesterday's Empire State Index), which it dropped from -12.7 in March to -56.6 in April.  Stocks are in Mixed Territory, but showing signs of improvement.  There are reports that many Global Leaders are making plans to re-open their economies, which will have to adjust to enough safety, as to not reactivate the pandemic.  MBS is Up 19bps, so Mortgage Rates have improved a bit this morning.  Yields are now down to 0.60%.

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