http://MikesDailyMarketReport.com: The Case Shiller Home Price Index (HPI), which measures the 20 largest Markets rose by 1.8% in January to 19.1% YoY. Likewise, the FHFA HPI rose by 1.6% and it' YoY rose to 18.2%. Funny thing, Consumer Confidence data for February was reduced from it's initial number of 110.5 to 105.7 -a pretty steep decline. For March, it came in at 107.2; so, before revision, then it would have dropped; however, because of the revision, then it rose. Later, we could have some impact with the MBS/Yields Markets with the 7 year Treasuries Auction. The 5 year did fairly well yesterday, which helped the Market for a little bit. When we did the video yesterday, then we were at approximately Up 5bps and shot up to 17bps after Auction, only to settle in at 9bps. Today, MBS started lower, but quickly spiked on reports of possible Peace Settlement between Russia and Ukraine. MBS is currently Up 34bps, which has led to some better pricing for Mortgage Rates. This led to a drop in Oil prices (below $100/barrel) and hopefully can address some of the supply chain issues that may lead to potential food shortages here domestically (wheat out of Ukraine and soil out of Russia). Yields are have slid down to 2.39% (coming closer to pre-Ukraine conflict levels).
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