http://MikesDailyMarketReport.com: The ADP released their data today, which is the first jobs data for this week. The January data had a HUGE revision upwards, after last month disrupting the Market, as it was revised from being Down 301k to being Up 509k. 800k MISS!!!! Can't understand that big of a miss! Any ways, February reported better than expected at 475k. Today is the start of Fed Chair Powell's testimony before Congress, which he is speaking with the House today and the Senate tomorrow. One good nugget that came away is he addressed the first rate hike to be announced on March 16th, which will be the usual 0.25%; and not the larger 0.5% hike that many were starting to expect. Stocks are taking a break from the "flight to safety" today and buying on the dip. Money is flowing back from Bonds/Treasuries to Equities. As such, MBS is Down 68bps today, as Mortgage Rates worsen from yesterday's rate sheet. Yields spiked higher today, as it reached 1.84%.
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