http://MikesDailyMarketReport.com: Last week's Initial Jobless Claims report was revised lower, from 861k to 841k; and this week's report vastly improved to 730k. December's Durable Goods Orders was revised higher, from 0.5% to 1.2%; and January's came in at 3.4% (hotter than it's 1.1% forecast). When you remove "big ticket" items like military aircraft from the data (due to large numbers having such a big influence on the data), then we have the Core CapEx. It's numbers for December was improved from 0.7% to 1.5%; and it's January's data came in at 0.5%. The 2nd look at the Q4 GDP for 2020 came in a little higher than it's initial report of 4.0%, to 4.1% in February. We'll receive the final revision next month (March). Pending Home was revised higher for December (going from being down 0.3% to being up 0.5%), which led to a higher drop for January, as it dropped 2.8%. Stocks are facing a big selloff today, after calming down the past few days on dovish comments from Fed Chair Powell. However, Yields are spiking higher today, reinforcing concerns for Investors; along, with comments by Fed Member Esther George, whom stated that inflation could rise once more people are vaccinated. Stocks aren't the only ones selling off! MBS was down 63bps when I started this report; however, it worsened (down about 76bps currently) after a very poor 7 year Note Auction. Mortgage Rates have spiked on these Market jumps! Yields have touched on a psychological level (of 1.50%), as it hit the 1.52% level.
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