Tuesday, November 2, 2021

Daily Market Report 11/2/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  However, the FOMC begins today, which is the Fed's 2 day meeting, and provides their rate announcement tomorrow.  Rates are expected to remain Unchanged, but it might provide us with some insight on when they may begin raising rates.  Most are speculating by mid-2022.  Also, it is widely anticipated the Fed will announce their tapering plans tomorrow.  Tomorrow is also the first day of the October jobs data being released (ADP tomorrow, Initial Jobless Claims on Thursday and BLS' Non Farm Payrolls on Friday).  Stocks continue to rise on Investors approval of the Q3 Earnings reports.  Meanwhile, MBS was able to break above the 25 DMA yesterday, and has currently risen a bit more.  It is currently Up 2bps.  MBS is currently off it's earlier high, which is showing some weakness; so, be cautious, as it might mean a trend reversal.  We have experienced negative movements with MBS when talk of tapering, even by comments last week by Bank of Canada and ECB.  Also, Yields broke below it's 25 DMA yesterday; and currently sitting at 1.54%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

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