http://MikesDailyMarketReport.com: Retail Sales rebounded in January, as it was reported up 3.8%; however, it's December's number was revised lower, from -1.9% to -2.5%. Fortunately, Markets are still viewing the January's data as being positive! Industrial Production exceeded expectations for January, as it rose 1.4%. Rising Mortgage Rates in February has the Home Builders Confidence down a bit this month, as the NAHB Home Builders Index dropped from 83 in January to 82 in February. Business Inventories continue to increase, as it rose 2.1% in December. Lastly, the FOMC Minutes were released, which had the Markets a bit unhinged leading up to it this morning offered nothing new to report; which leads to uncertainty to it's upcoming March FOMC. Philadelphia's Fed Member suggested today that he'd be in favor of a 0.25% rate hike in March, then rise in a methodical movement for future hikes. Unfortunately, we still have other members whom are in favor of a 0.5% rate hike in March; so, the uncertainty surrounding this has the Markets in high volatility mode. Also, stirring up the Markets is the Ukraine/Russia situation. After reports yesterday of possible troop withdrawals from the border; today, it is being that troops haven't been pulled and there is a possibility of an increase of troops being placed at the border. Stocks are down on this news. MBS on the other hand, have been up and down all day. It went negative just prior to the release of the FOMC Minutes to improving to positive territory (it was Up 9bps while creating this video). Mortgage Rates for the most part have remained the same after yesterday's close. Similarly, Yields have been volatile today too, as it's currently sitting around 2.04%.
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