Monday, August 2, 2021

Daily Market Report 8/2/21  The ISM Manufacturing PMI dropped below 60 for the first time this year, as constraints in the supply chain show it's effect in Manufacturing data.  It came in at 59.5 for July.  Construction Spending only rose 0.1% for June.  Stocks are Up today, as comments by Fed Member Brainard indicated that the Fed will most likely not begin tapering talk at it's Jackson Hole meeting later this month.  She indicated they will want to see some data after kids have returned to school and people begin to go back to work.  So, Investors are thinking that the earliest that the Fed will begin discussing tapering will be it's November meeting.  Investors are keeping an eye on the progress of the Infrastructure bill in Congress.  MBS is off it's earlier highs, but still Up 9bps.  As a result, many Lenders priced their Mortgage Rates better today (compared to Friday's close).  Yields dropped several points and also off it's earlier lows, but still sitting around 1.17% now.

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