http://MikesDailyMarketReport.com: The first Jobs data for this week was released and sorely missed it's forecast. The ADP's Private Payrolls lost 301k jobs last month (in January); and it's December's numbers were revised lower, from 807k to 776k. Most of this is being attributed to the omicron variant, but it may also be a mixture of the omicron and seasonal work for the holidays. This was mostly affecting the Services and Goods Industries; and mostly Small Business. Economists are now lowering their forecasts for the BLS report due this Friday to approximately 150k. They were expecting about 207k for the ADP report, so you can see how much of a miss it was. It's been a very volatile morning for both Stocks and Bonds; however, MBS is currently Up 19bps; and slowly approaching it's 25 DMA. Mortgage Rates are better today. Yields are off their highs and reversed below it's Technical floor and almost touching it's 25 DMA. It's currently just under 1.75%.
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