http://MikesDailyMarketReport.com: We have several important data to report from the Economic Calendar today. We'll start off with the Employment Costs, which rose 1.0% in the 4th Quarter. This has been an important component for inflation. Personal Income rose 0.3% in December; while, Consumer Spending dropped 0.6%, which is being attributed to the omicron variant. The Personal Consumption Expenditure (PC) rose 0.4% in December with it's YoY rising from 5.7% in November to 5.8%. The Core PCE (which excludes food and energy) rose 0.5% in December; while, it's YoY rose from 4.7% in November to 4.9% in December. The Core PCE is the Fed's favorite gauge for for inflation; and it's also called "real" inflation. Lastly, the Consumer Sentiment dipped from 68.8 in December to 67.2 in January. Stocks are rebounding a bit today, after several heavy selling days. Apple came in with good news; however, for the most part, many have been disappointing for investors. Investors have been concerned over the rate and increments of the upcoming rate hikes. This hasn't been boding well for stocks, but has been helping (to some extent) to MBS/Bonds. MBS opened lower this morning, which led to earlier Lenders to price worse. However, the Market shifted more favorably within a few hours of trading and are Up 8bps. So, those earlier Lenders are re-pricing for the better. The pricing for Mortgage Rates will be comparable to what we saw after yesterday's close (so, mostly Unchanged levels). Meanwhile, Yields started the morning in the middle of it's range (around 1.85%) and is currently testing it's Technical floor; and sitting at 1.78 currently.
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