Friday, January 8, 2021

Daily Market Report 1/8/21 Today, we receive the data from the Bureau of Labor Statistics (BLS) regarding Jobs data.  We'll start off with the Average Earnings, which rose 0.8% in December.  The Non-Farm Payrolls had a revision in November from 245k (initial report) higher to 336k; however, it reported a loss of 140k in December.  The higher revision for November helped some, but it didn't cover all the losses in December.  The Unemployment Rate remained the same at 6.7%.  Wholesale Inventories remained Unchanged in the month of November.  Stocks continue their rise today, as the indexes reach new Milestones.  Meanwhile, MBS is currently Down 25bps because Bond Traders are concerned over the Jobs data and that it will represent more Stimulus packages, which means more Government debt to pay for them.  Mortgage Rates continue to rise, as the MBS broke beneath it's 100 DMA, which we hoped (yesterday) that it would provide some footing, but the trend continues.  Meanwhile, Yields continue it's rise (and breaking above more Technical ceiling along the way).  The 10 year is currently sitting at 1.011%.

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