http://MikesDailyMarketReport.com: Both the Producer Price Index headline number (PPI) and it's Core PPI (excludes food and energy) rose 1.0% MoM in June. The Core PPI is now up to 5.6% YoY, which brings us to inflationary levels last seen in 2008 when price of a barrel of oil reached all time highs of $150/barrel. Stocks are back in Positive Territory after yesterday's losses. We will receive more Q2 Corporate Earnings Reports today; and Fed Chair Powell has testified before the House Finance Committee today. Nothing has changed, but the Investors like hearing the message repeated. MBS is regaining it's losses yesterday; and is Up 16bps thus far. Yesterday, after the disappointing 30 year Bond Auction, the Market reversed and dropped. Lenders repriced for the worse yesterday; however, today, Mortgage Rates will be better than yesterday's close; and closer to the better levels yesterday (Unchanged from those levels). Yields had spiked to 1.41% yesterday and have now come down to just under 1.37%.
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