http://MikesDailyMarketReport.com: ADP released their Private Payrolls for November today, which is the first of 3 sets of Jobs reports this week, came in a little better than expected with 534k new jobs. The ISM Manufacturing PMI showed some improvement in November, when they announced it rising from 60.8 in October to 61.1 in November. Lastly, Construction Spending rose by 0.2% in October. The Markets are still watching for updates on the Omicron variant and the Testimony by Powell and Yellen before Congress. Yesterday, the Markets were spooked by comments by Moderna's CEO regarding the new variant and comments by Powell that indicate new Fed Policy shifting at the next FOMC. They were mostly surprised by the timing of the shift, as now the Markets are dealing with an unknown variant. However, today, they're rebounding a bit in both Stocks and MBS. MBS started lower this morning, but has recovered to approximately +9-11bps; and approaching the 25 DMA. Yields started the day higher and even touched 1.50% before dropping back down to 1.44%. Mortgage Rates should now be more comparable to yesterday's close; and maybe a little better priced (if it continues to improve).
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