http://MikesDailyMarketReport.com: Manufacturing in the NY region cooled a bit in May, as the NY Fed reported a drop from 26.3 (highest in 3 years) to 24.3. Also, Home Builder Confidence remains Unchanged in May, as the NAHB Home Builders Index remained at 83. Stocks are Down this morning, as Investors begin to worry about Inflation. However, Fed Members continue with their message that it's too early to make any changes to their accomodative stance, as they believe the recent spike in inflation data is "transitory" due to the bottle neck in the supply chain; and it will work itself thru. Meanwhile, MBS isn't so affected by the Inflation concerns with it's current position of being Down only 3bps; as Mortgage Rates are Unchanged from Friday's close. Yields are also in Unchanged territory, as it's currently just a hair under 1.64%.
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