http://MikesDailyMarketReport.com: There are 2 Home Price Indices (HPI) being reported today. The Case Shiller HPI, which measures the 20 largest Markets went up 1.6% in April and up 14.9% YoY. Meanwhile, the FHFA HPI, which measures homes with conventional loan programrs (Fannie Mae and Freddie Mac), rose 1.8% in April and up 15.7% YoY. Lastly, Consumer Confidence spiked to 127.3 in June. Stocks are Up today! Banks passed their Stress Tests yesterday and 5 of the 6 largest banks announced an increase in their Dividends. This boosted their stocks; as it also boosted it's sector. Fed Member Barkin spoke today, which he commented that he projects the bottle neck in the supply chain to clear up around the end of summer; and that the Fed will continue to monitor pricing (for inflation). MBS is only Up 2bps, as Mortgage Rates move in a sideways pattern today without any change in pricing. Yields are sitting just under 1.49% after testing it's Technical ceiling earlier this morning.
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