Daily Market Report 10/30/20

 http://MikesDailyMarketReport.com: Consumer Spending rose by 1.5% MoM in September, while Personal Income rose by 0.9%.  Employment Costs, for Q3, rose by 0.5%.  We received data on the Fed's favorite gauge for inflation, the Personal Consumption Expenditur (PCE); actually it's Core PCE is what they view, as it removes the volatility of food and energy.  Both the PCE and Core PCE rose by 0.2% MoM in October; however, the PCE remained Unchanged at 1.4%, while the Core PCE dropped from 1.6% in September to 1.5% YoY.  Manufacturing in Chicago region dipped a little bit, when the Chicago PMI reported it went from 62.4 in September to 61.1 in October.  Lastly, the Consumer Sentiment improved in October, as it's initial read for the month, came in at 81.2; and it finalized at 81.8.  Stocks are Down this morning, even though the FAANG companies whom released their earnings last night, had exceeded expectations.  Stocks are still concerned about possible lockdowns in the US, as Europe has begun implementing them due to higher reported virus cases; and also, the possibility of a contested US election next week, which results could take weeks.  MBS is Unchanged from yesterday's close; however, the Market further deteriorated and Lenders re-priced a little bit worse.  So, Mortgage Rates are worse today (compared to yesterday morning's report), but unchanged from yesterday's close. Yields have continued it's ascent to 0.86%

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com