Thursday, January 13, 2022

Daily Market Report 1/13/22  Jobless Claims rose to 230k last week, as we will most likely see a spike this month due to the holiday seasonal workers being let go.  Meanwhile, we also received inflation data on the Wholesale sector, which doesn't always get a lot of respect, as their costs don't always get pushed over to the Consumer.  The Producer Price Index (PPI) rose 0.2% in December, after it's November number was revised higher (from 0.8% to 1.0%).  The Core PPI (excludes food and energy) rose 0.5% in December; and it's November number was revised from 0.7% to 0.9%.  It's YoY rose from 7.9% to 8.3%.  As we saw yesterday with the CPI report, these numbers are the highest on record since 1982.  The Fed has talked about their concern with inflation and will fight it aggressively, which is helping to ease the Market's concerns; however, their is a lot of sentiment that the Fed it behind on their action taking.  Lastly, the 30 Year Bond Auction went ok.  MBS is going thru a lot of volatility.  During the video, it was quickly changing from +6bps to -5bps; going back and forth.  There is a lot of uncertainty with the Markets; and currently MBS is in an Oversold position after it's quick selloff last week.  Meanwhile, Yields are Down to 1.72%.

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