http://MikesDailyMarketReport.com: The ISM Non-Manufacturing PMI jumped up to 58.3 in March. Anything above 50 is considered expansion. The Big Market Mover today, which is being received negatively by both Markets, are comments by Fed Vice Chair Brainard. Lael Brainard is typically a dove, but her comments were quite hawkish; and discussed the reduction of the Balance Sheet. These comments are ahead of tomorrow's release of the FOMC Minutes, so it may be a forewarning of what Investors may find in the Minutes. MBS is currently Down 78bps, so Mortgage Rates have been adversely affected. The good news is the Yields spiked to 2.56%. Why is this good news? It un-did the Inverted Yield Curve, as the 2 year Yield is currently at 2.50%.
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