http://MikesDailyMarketReport.com: Initial Jobless Claims came in at it's lowest level since March 2020, as it was reported that only 310k applied for first time unemployment benefits. The 30 year Bond Auction went well, as did yesterday's 10 year Treasury Auction. This has helped Mortgage Rates, which we'll touch on in a bit. Meanwhile, Stocks are Down today. The ECB announced they will reduce their asset purchases, but are not calling it tapering. Seems like it's more or less semantics; however, the Market responded positively to it's announcement. Investors are watching for any further announcements by Biden, as it's being reported that he may mandate more vaccinations for federal employees. Lastly, NY Fed Member Williams commented that the Fed is still on track to taper this year. As you may recall, most Investors were resigned to believe the Fed won't begin tapering until next year after last Friday's dismal Jobs data. If this rhetoric continues, then watch for any possible change in Market Sentiment. MBS is Up 14bps after the Auction, as Mortgage Rates improve today. Also, Yields have dropped down to 1.29%. Both broke past their 25- and 50 DMA.
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