Thursday, October 7, 2021

Daily Market Report 10/7/21  Initial Jobless Claims dropped down to 326k this past week, as fewer people apply for first time unemployment numbers.  As indicated, it will be interesting to view these numbers in the near future, as many folks are holding the line against vaccinations and being fired.  These folks won't be factored into the unemployment data, as they won't qualify to receive benefits.  However, if you look at the Challenger layoffs for Sept, then you see a spike from 15.723 million to 17.895 million; so, nearly 2 million planned layoffs.  Stocks like the lower Jobless Claims, but are liking the temporary solution for the Debt Ceiling Crisis; which Democrats and Republicans agreed to extend the deadline to December while raising it approximately $480 billion.  Meanwhile, Putin had eased the Markets regarding the energy issues facing Europe and Asia; however, oil prices are continuing to rise (now up approximately $78/barrel).  All of this, has pushed MBS lower today (currently Down approximately 16bps).  Mortgage Rates are Up approximately by an .125%.  Yields are pushing against an important technical ceiling (around 1.56%); and is currently just under 1.57%.  MBS and Treasuries are pretty much illiquid, as investors are more buoyed by equities.

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