Tuesday, June 9, 2020

Daily Market Report 6/9/20

http://MikesDailyMarketReport.com: The Confidence with Small Business owners grew in May, as the NFIB Small Business Index showed that it went from 90.9 in April to 94.4 in May.  Today is the start of the Fed's 2 day FOMC, which they'll provide their statement tomorrow.  No expectations of any changes in rates; however, investors want to hear the Fed's response to last week's Job data.  MBS is Up again this morning, and breaking above it's 50 DMA (as it broke above it's 25 DMA yesterday) and is Up 20bps.  Mortgage Rates improved again!  Yields have slide down to just under 0.82%, as they resist pressure on MBS; and sit in the mid-range between it's 100 DMA and 50 DMA.

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