http://MikesDailyMarketReport.com: The Consumer Price Index (CPI), which measures consumer inflation, rose 0.4% in February, bringing in it's YoY from 1.4% to 1.7%; however, the Core CPI (excludes food and energy) rose only 0.1%, and it's YoY dropped from 1.4% to 1.3%. The Core carries more weight because it removes the variables that we don't have control. Most of the Stock Market liked the News, as NASDAQ remains the lone index in the Red, this morning. The inflation data was good news, so that Yields dropped down to 1.51%, which created an Average Auction for the 10 year Treasury today (buyers declined along with the Yields). MBS didn't have much reaction to either the Inflation data or the drop in Yields, as they started down 6bps and are currently Up 2bps. This isn't enough movement from yesterday's close for Lenders to make any changes to their Mortgage Rates today.
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