http://MikesDailyMarketReport.com: The Initial Jobless Claims dropped 23k from last weeks report to 238k this week's report. The initial or preliminary look at Labor Costs for Q4 were up only 0.3% after seeing 9.3% in the Q3. Hopefully, this means that inflation will subside! Meanwhile, the preliminary look at Q4 Productivity rose 6.6% after a drop of 5.0% in Q3. The ISM Non Manufacturing PMI dropped from 62.3 to 59.9 in January, as many retail stores, restaurants, etc... were hurt due to the omicron variant. Lastly, Factory Orders dropped 0.4% in December. Stocks are down on Facebook's disappointing Quarterly report and it's future forecasts. Meanwhile, the Bank of England (BoE) raised their rates a 0.25% today; and the ECB primed the Markets for a rate hike at it's next meeting (in March) -similarly as our Fed. The BoE rate hike hit our Bond Market pretty hard today, as the MBS dropped Down 33bps; and Mortgage Rates worsened a bit, as a result. Yields jumped Up to 1.83%, breaking above another Technical ceiling.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.