http://MikesDailyMarketReport.com: Manufacturing in the Philadelphia region is el fuego, as the Philly Fed Index jumped up to 51.8 in March. We haven't seen this high of a number since 1973. Initial Jobless Claims jumped up to 770k in this week's report, up from 725k in last week's report; but it's still below 800k, which isn't too bad. Leading Economic Indicators Index rose only 0.2% February. Stocks are in Mixed Territory today, as the DOW is benefitting from the repositioning of investment dollars between the various high growth stocks to more suitable in a higher yield environment. The Fed pretty much kept everything intact yesterday; however, it still hasn't confronted the Market's concerns over the continued spike in Yields (it's spiked up to 1.74% today); also, Fed Chair Powell told a reporter whom asked about the SLR, which he told her that he would address it in the next few days. Unfortunately, this wasn't necessarily Bond friendly news, so today, MBS is Down about 44bps; which means that Mortgage Rates are up nearly a 0.5% point in fees from yesterday's close.
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