http://MikesDailyMarketReport.com: Sorry, I forgot to mention in the video that there won't be a video tomorrow, as I will be out tomorrow. As for today's economic data, there's a few items to go over. We'll start with the Initial Jobless Claims, which is trending downward (good news) to 269k. Also, the Continued Claims dropped off by approximately 100k from last week. However, this isn't taking into account for the people being let go due to vax mandates. The Challenger layoffs spiked from 17.895 million announced layoffs in September to 22.822 million in October. This could be an indicator of the amount of people being forced out of the workforce due to vax mandates. Unfortunately, the Media isn't reporting on this! Lastly, we have the Q3 Labor Costs and Productivity. Labor Costs spiked up by 8.3% for the initial Q3 number, as employers raise wages to bring back or fulfill employment positions. However, Productivity dropped 5.0%, which is never a good sign. Stocks are in Mixed Territory, as Investors continue to evaluate Q3 Earnings Reports and yesterday's FOMC Announcement. The Fed will begin tapering in November and keep the pace of reducing their purchases by $15 billion. They tied the rate hike to job data. Many are expecting rate hike to begin by mid-2022. MBS rebounded from yesterday's selloff; and is back above the 25 DMA. It is currently Up 33bps. Mortgage Rates are much improved (compared to yesterday's close). Also, Yields have dropped below it's 25 DMA and sitting around 1.52%, after touching around 1.60% yesterday.
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