http://MikesDailyMarketReport.com: Today's big report was a HUGE disappointment, as CPI (consumer inflation) jumped up 0.9% in October. It's Core CPI (excludes food and energy) rose from 4.0% in September to 4.6% in October. Highest in 30 years. Initial Jobless Claims reported 267k people applied for first time unemployment benefits last week. This is normally released on Thursday, but tomorrow is a federal holiday (Veterans Day) and the Markets will be closed (no video tomorrow). Wholesale Inventories rose 1.4% in September. The Markets are panicking over the high inflation data being reported today, as Stocks are well into Negative Territory; and MBS is freefalling currently (Down 45bps; however, as soon as video was complete, it's now down 65bps). This is approximately a 0.5% cost to mortgage costs; so, a No Point loan yesterday will cost you 0.5% to obtain that same rate today. Meanwhile, Yields are moving inversely; and now around 1.54% (after closing around 1.42% yesterday). The Markets will be closed tomorrow; and Friday isn't expected to see much activity. Next video will be on Friday.
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