http://MikesDailyMarketReport.com: The IHS Markit Manufacturing PMI rose from 50.9 in July to 53.1 in August. The ISM Manufacturing PMI rose from 54.2% in July to 56.0% in August. This is the highest reading since January 2019 for ISM. Any number above 50 is considered growth, expansion. Globally, we're seeing improvements with China and Europe too. Construction Spending only increased 0.1% in July. Stocks are Up this morning, as the Technology Sector continues it's lead in the Markets. Investors are beginning to reevaluate their positions in the Market, which we could see some corrections in the near future, as much of the trading has been based on optimism. The reality may not have reached the optimism level yet. MBS is currently Up 8bps. Market closed higher (+16bps) yesterday, which many Lenders repriced with better pricing. Based on yesterday's reprice and this mornings gains, then Lenders will have better pricing than yesterday mornings rates, but similar to yesterday's close. It's approaching it's 25 DMA, which is now a ceiling. Yields were a bit higher (about 0.73%), but have subsided to just under 0.70% now.
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