Friday, April 22, 2022

Daily Market Report 4/22/22  The Markit PMI released their data for 2 sectors, Manufacturing and Services for the month of April.  The Manufacturing rose to 59.7 in April; while Services dropped to 54.7.  Anything above 50 is considered expansion.  Investors continue to review the Q1 Corporate Earnings releases; but they're currently in more in tuned with the recent Fed speak, including Fed Chair Powell's comments yesterday.  The hawkish tone has both Stocks and MBS down today.  They're expecting a 0.5% rate hike for May FOMC and begin the reduction of their Balance Sheet; but now they're starting to project a .75% hike for June's meeting, as the Fed has been emphasizing front loading hikes and getting to the "Neutral" point faster.  Currently, MBS is Down about 16bps, as Mortgage Rates continue to rise.  Yields are currently hanging around 2.91% range.

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