Tuesday, May 11, 2021

Daily Market Report 5/11/21

http://MikesDailyMarketReport.com:  There are no data to report from the Economic Calendar.  We do have a 3 year Treasury Auction, but it doesn't have much impact on the Markets.  Tomorrow could have some catalysts to push the Markets one way or another.  We have the 10 year Treasury, which can have some impact with Mortgage Rates; but the BIGGIE is the CPI report.  Stocks are Down this morning on renewed concerns over inflation, which the CPI will report it's inflationary data for April.  It's expected to rise from 1.6% YoY to 2.3% tomorrow.  If we can stay below 2%, then the Markets may calm a bit.  If it hits above 2%, then they may snowball with their selling.  There are several Fed Members speaking today, so it's possible they may share their thoughts on this topic today too.  Meanwhile, MBS faced some tough competition yesterday with $29 billion in corporate bonds being sold ($18 billion were from Amazon); which led their pricing to worse levels.  Today, they're Down again, so far, it's down 13bps.  Pricing for Mortgage Rates are worse than yesterday's pricing.  Yields are spiking again.  They're on the verge of breaking above 3 ceiling layers (25- and 50 DMA and a technical level).  They're currently at 1.62%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.


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