http://MikesDailyMarketReport.com: The ADP report came out better than expected for March, which reported 455k new jobs in the Private Sector; and it's February data was revised higher, from 475k to 486k. However, the final revision for the Q4 GDP came in a bit lower, at 6.9%, which we can expect it to come down a bit, as it was propped up due to high demand in Housing, which is expected to slow a bit with higher rates. Also, much of it was built up from COVID Lockdowns (like a dam bursting). Yesterday, it was reported that Russia will "fundamentally" move it's attacks away from Kyiv and another city nearby; however, it appears that may have been short-lived, as there appears to be fresh attacks. There was hope for Peace (and the hope continues) yesterday, which the Markets positively reacted (MBS closed +48bps). Today, Stocks are down and MBS is Up 25-27bps, as Mortgage Rates have another day of improvement. This may be short-lived, as tomorrow, the PCE will be released. This is the Fed's favorite gauge for inflation. Another hot number could hurt MBS tomorrow! Meanwhile, Yields have slid down to the 2.35% range.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.
No comments:
Post a Comment