http://MikesDailyMarketReport.com: The Initial Jobless Claims dropped below the 200k for the first time since the beginning of the Pandemic. It came in at 187k; and the Continuing Claims declined, as well. However, the Durable Goods Orders dropped by 2.2% in February. Markit PMI released both their Services and Manufacturing data for March, which anything above 50 is considered expansion. The Services went up to 58.9, while the Manufacturing rose to 58.5. Both sectors had forecasts of regression for March, but they had improved. There were a few different Fed Speakers today, which all pretty much feel there will be 7 rate hikes this year; and they're looking to get the Fed Funds rate to the 2.75% - 3.00% range. Meanwhile, NATO leaders meet and added more sanctions against Russia, as they continue to wage war with Ukraine. Investors reversed course with their investment dollars today and Stocks are Up, but MBS is currently Down about 27bps. It was lower earlier on and subsided some; leading to many Lenders to reprice for the better. However, our ratesheet still isn't as good as yesterday's, as we lost most of those gains today. Yields have risen a bit today too, as it is currently around 2.35% now.
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