http://MikesDailyMarketReport.com: The Consumer Price Index (CPI) rose 1.2% in March and it's YoY rose to 8.5%, which is the hottest number since 1982! However, it's Core CPI (excludes food and energy) rose only 0.3% and it's YoY rose to 6.5%. The Core CPI data came in lower than forecasts, which provided hope to Investors that maybe we're seeing a top for inflation levels and hope to see it begin to descend (and how fast it can descend). Markets are doing well on the CPI news! However, the NFIB Small Business Index reported a 2 year low. This index measures the confidence with Small Businesses. They cite inflation as their main concern, but also Labor. This index is important because Small Businesses make up the majority of our employment. This could be a factor for future job growth. The MBS is currently Up 63bps this morning, as the Market seemed to be relieved on the Core CPI data. We're seeing some improvement with our Mortgage Rates (compared with yesterday's close). Yields have dropped about 8 points so far this morning; and hanging around the 2.70% level.
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