http://MikesDailyMarketReport.com: There are no economic data to report today. The Markets are preparing themselves for tomorrow when the CPI is released. This will have the biggest impact this week, as Investors are looking for confirmation that inflation has peaked. Stocks have been selling off over the past few days in preparation, as Investors are concerned over the Fed's tightening policy and they haven't seen signs of inflation cooling down quite yet. This has helped MBS to some degree, as it's up again today (+48bps). Mortgage Rates improve again today. Yields have also fallen down to 2.95% (after it was as high as 3.17% yesterday). Be careful, as we haven't really seen more than 2 days of gains, only to find them wiped out on the 3rd day with a big loss. We're approaching the 25 DMA with MBS, which we haven't had much interaction with any of their Moving Averages, so it will be interesting to find if they get pushed back down, or are they able to rise above it? We'll most likely find out that answer tomorrow!
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