http://MikesDailyMarketReport.com: There are no economic data to report today; however, there will be some important data being reported this week. Tomorrow, we'll receive inflationary data on the wholesale sector with the PPI report. Typically, this report isn't high impact, but because of our current inflation focus, it will have a much greater impact. Also, tomorrow will be the start of the 2 day FOMC, which it's expected that the Fed will announce they'll hike the Fed Funds Rate by 0.25% on Wednesday. The Markets are reacting to a rumor of some optimism that peace talks between Russia and Ukraine has Stocks in Mixed Territory; where NASDAQ is the lone index in the Red. This is mostly due to the spike in Treasuries, which has skyrocketed to 2.13% (new recent highs). This is due to their high growth stocks, which are impacted by higher borrowing costs, which is represented by Treasuries. Also, China is locking down Shenzhen region due to spike in COVID, which is worrying because it will negatively impact the supply chain; and this will further increase inflation. We moved the MBS coupon to the 3.5% coupon, as mortgage rates have spiked to the 4% range. We're currently Down 63bps, which concludes that Mortgage Rates today are higher than Friday's close.
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