http://MikesDailyMarketReport.com: The Philly Fed dropped from 30.7 in June to 21.9 in July. This is still a great number; however, the size of the drop is a bit alarming. Jobless Claims continue to improve, as 360k applied for first time benefits last week. This is a new low, not seen since last March. Also, we're seeing improvement with Continued Claims, as more people are going back to work. The Empire State Index rose to an all time high in July, as it jumped from 17.4 in June to 43.0 in July. Lastly, Industrial Productions came in below estimates (0.6%) in June at 0.4%. We're still receiving Q2 Earnings Reports, but they're not having as big of an impact today with stocks, as Fed Chair Powell's 2nd day of testimony (this time with the Senate Banking Committee). Stocks are all in the Red today. Meanwhile, MBS started a bit lower, due to some hawkish comments from the Bank of England; however, it regained some momentum and are currently Up 8bps. Mortgage Rates are currently Unchanged from yesterday's close; however, if they keep this momentum, then we could potentially see some improvements with our ratesheets. Yields have also slid to just below 1.32%.
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