http://MikesDailyMarketReport.com: Consumer Spending dropped 0.2% in December. The Core PCE rose YoY to 1.5% in December. This index is what the Fed uses to gauge their inflationary data and want a target range of approximately 2.0%. Employment Costs rose 0.7% in Q4, which is another inflationary component to watch. Manufacturing in the Chicago region skyrocketed in January, as the Chicago PMI rose to 63.8. Pending Home Sales dropped again in December by 0.3% MoM. Consumer Sentiment decreased slightly in January from 79.2 to 79.0, according to the UM survey. Stocks are Down today, as Investors are beginning to realize the rollout of the vaccines are going to take awhile and there is some questions about it's efficacy, especially with newer virus strains. Another big headline is the continued saga between Main Street and Wall Street, as Wall Street are pulling out all stops. They're using distraction as mechanism; media outlets; and Brokerages to help prevent their onslaught with their Short holdings, which is costing them in the Billions $$$. Very interesting to watch from the sidelines! Meanwhile, MBS has continued it's slide downward (currently Down 8bps). We're off from earlier lows, so maybe we've hit some sort of floor (wait and see). Mortgage Rates worsened some after yesterday's trading. Yields skyrocketed up to 1.08% now.
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