http://MikesDailyMarketReport.com: Today is the BIG Day for economic data! The Jobs Data from the Bureau of Labor Statistics (BLS). The Non-Farm Payrolls had a HUGE Miss today, as they reported only 266k jobs created for April (when they had expectations of nearly a million); and March was revised lower, going from 916k to 770k. The Unemployment Rate rose to 6.1% as a result of these very week numbers. However, Average Earnings rose 0.7% in April, as Employers try to entice employees back to work. Also, the Average Workweek Hours rose 0.1% to 35.0/week. Lastly, Wholesale Inventories rose 1.3%. Stocks are Up, even though the economic data was very weak. Investors are looking at it as Bad News is Good News today. A few Fed Members are speaking today; which Neel Kashkari (a Fed Member) reiterated the Feds current stance by using today's disappointing economic data as reason that the Fed will look at outcomes, and not forecasts, as they continue with their accomodative ways. He said that we still have a long ways to fully recover. Meanwhile, MBS is doing quite well too! It's currently Up 13bps, but it was much higher earlier before pulling back. It was even above it's 100 DMA, but now is just below it. This will lead to better pricing for Mortgage Rates today. Even Yields had HUGE drop, when it tested the 1.45% level before pulling back to just under 1.56%. This may give us some insight into possibilities for future movements in these Markets.
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