Daily Market Report 12/10/20

 http://MikesDailyMarketReport.com: Both the Consumer Price Index (CPI) and Core CPI (excludes food and energy) rose 0.2% in November; however, it's YoY remained unchaged from previous month.  The CP remained at 1.2% and Core CPI at 1.6%.  Bad News with Jobs, which the Initial Jobless Claims spiked to 853k last week.  We saw steady declines each week for the past month; and last week's report was 712k.  This could be due to recently renewed Lockdowns around much of the US.  Stocks are Mixed this Morning, as the NASDAQ remained the only index in Positive Territory.  As we continue to see spikes in the Corona Virus numbers across the US (and the World), we're also seeing Congress sputtering with a compromise to new stimulus packages.  The main number we're seeing is around $900 Billion, but they're still working thru some sticking points with each side.  Also, the FDA is meeting today to review the risks involved with the BioNTech and Pfizer vaccines before they take a vote on releasing it to the public.  They will be having another similar meeting next week for Moderna's vaccine.  The ECB announced their plan to increase their pandemic emergency bond purchasing by $500 Billion euros and extend their long-term refinancing.  Lastly, the UK PM and EU President have extended their talks thru Sunday, so they can work thru an agreement prior to the December 31st deadline.  MBS is Down 2bps so far this morning, after a pretty good test to it's 25 DMA floor.  Usually, the bad economic data will help mortgage rates; however, this is one of those situations that the bad data only emphasizes the need for more stimulus, which isn't good for bonds.  Mortgage Rates remain Unchanged from yesterday's pricing.  Yields are sitting just above 0.93% this morning.

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