Monday, April 13, 2020

Daily Market Report 4/13/20 There were no economic data to report today.  Stocks are starting the week off in Negative fashion, as they brace for Q1 Earnings Reports, which this week will be the Major Banks.  They're feeling a bit pessimistic!  There was an agreement between the US, OPEC and Russia to cut Oil production by 9.7 million barrels/day.  They're hoping to stabilize the Energy sector by this agreement.  Meanwhile, this is receiving less press, but the Bank of England announced over the weekend that they'll be printing money in order to fund the Stimulus over this crisis period.  This can be concerning in that other countries may follow suit and can possibly lead to hyper-inflation.  Meanwhile, MBS are Down 22bps, so Mortgage Rates are up a little bit from Thursday's pricing.  Yields are up slightly  and sitting just under 0.73%.

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