http://MikesDailyMarketReport.com: The ADP released their data for Private Payrolls for the month of December today, which came in very HOT!!!! It is being reported that 807k Private Payrolls were created in December, which is about twice as much as forecasted. This is the first of the jobs data this week. This hot number pushed MBS further down on the graph; and received more of a push when the Fed Minutes released. The sentiment for hawkish comments in the Minutes proved correct, as Investors will be watching the Fed fight off inflation and raise rates this year! MBS initially came down on the ADP news about 16-20bps; and then dropped another 20 bps after the Fed Minutes were released. So, now they're Down about 41bps. Mortgage Rates worsened today! Yields are pushing up against a Technical Ceiling today, as it sits just under 1.70%.
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