http://MikesDailyMarketReport.com: The Initial Jobless Claims came in at 293k last week, as this is the first time since Pandemic that we saw this data in the 200k+ range. This is helping the Markets. Lastly, the Producer Price Index (PPI) rose 0.5% in September, while it's Core PPI (excluding food and energy) rose only 0.2% (which brings it's YoY from 6.7% in August to 6.8% in September). The PPI measures inflation for the Wholesale sector and doesn't always carry too much weight, like CPI or PCE. Stocks are Up today on the Initial Jobless Claims data and good earnings reports from Banks, as we begin the release of Q3 Earnings Reports. Meanwhile, MBS is Up 11bps (coupled with yesterday's close of 23bps) has Lenders out with better Mortgage Rates today (compared to yesterday morning). Also, Yields are slipping below another Technical Ceiling and is around the 1.52% range.
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