http://MikesDailyMarketReport.com: The headline news for Producers Price Index (PPI), which measures inflation for Wholesalers, rose 0.8% in February; whereas, it's Core PPI (excludes food and energy) rose only 0.2%. The Core PPI dropped to 8.4% YoY from a higher revision to 8.5% in January. Normally, this data wouldn't have as much impact with the Markets, but the Markets are inflation focus, so any inflationary data will be heavily impactful. Lastly, the Empire State Index contracted by 11.8% in March. This index measures the manufacturing in the NY region. Today is the start of the 2 day FOMC, whom will announce their (expected) rate hike to the Fed Funds Rate by 0.25%. Investors are still watching the war in Russia/Ukraine and the new lockdowns happening in China. Stocks are Up today and have been gaining steam! MBS started the day Up much higher, but have since reversed and is Down 8bps. Lenders (back East) had to reprice for the worse; the price changes were mostly reflecting nearly Unchanged levels from yesterday's close. However, we may see the Market continue to worsen for more worse price changes. Yields were down to 2.08%, but also reversed directions to 2.15%.
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