http://MikesDailyMarketReport.com: The Chicago PMI, which gauges manufacturing within the Chicago region, reported an increase to 65.2 in January. Anything above 50 is considered expansion. Stocks are trying to improve today, as January was a hard month for them. The main factor for Investors is the uncertainty of the vague Fed policy changes moving forward in 2022. There are forecasts of possible rate hikes for each of the next Fed meetings, but there's also the possiblity of an increase in the increment of the rate hike. Typically, the increments are based on 0.25%, which possibly could move to 0.5%. Just recently Atlanta Fed Bostic stated that he is in favor of 0.5% rate hike over 3 meetings; and a few others (like SF's Daly and KC's George were more vague on specific moves the Fed will make). MBS started the morning lower, but has since improved and Lenders are improving their pricing to match Friday's close; so, Mortgage Rates are currently Unchanged. Yields started higher, as Investors started to buy while they were in the 1.80% range and drove Yields lower; and currently just under 1.78%. It helped to push Yields back into the new range that Friday's close helped to attain.
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