Wednesday, June 24, 2020

Daily Market Report 6/24/20 The FHFA Home Price Index pulled back in April, as it went from 5.9% YoY appreciation in March to 5.5% YoY in April.  This will most likely begin to rise again, as the economy begins to reopen.  Stocks are Down this morning over concerns of a possible 2nd Wave of Coronavirus, as more reports come in with higher numbers, including higher hospitalization rates in some areas.  There have been some reports that the US may impose some tariffs on aluminum from Canada and some goods from Europe.  This doesn't sit well, as it may escalate into trade tension, which is not welcomed during this current economic crisis.  The IMF revised their reports lower again.  MBS is Up on 2bps currently.  It started the morning lower, testing it's new floor (25 DMA); but it's also off from it's highs; thus, creating some uncertainty in the Markets on it's direction.  Yields started the morning lower, but has been testing it's 25 DMA and currently just sits below it (just under) 0.70%.

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