http://MikesDailyMarketReport.com: The Existing Home Sales dropped in May from 5.85 million annualized units in April to 5.80 million. However, this is better than the 5.72 million forecast. Stocks are Up again today before Fed Chair Powell testifies before the House Sub-Committee this afternoon. He did release an early statement that was similar to Fed Williams' comments yesterday on the timeline of a ratehike. It was stressed that the Fed feels that inflation is transitory and they will take the time to make sure Jobs are in stable ground before raising rates, which will take time (in other words, it won't come as soon as many Investors feared). MBS is Up 16bps and back to same levels as Friday's close; so, Mortgage Rates have improved. Yields had broke above the Technical level yesterday and is testing it again, as it sits just below 1.48%.
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