http://MikesDailyMarketReport.com: The Durable Goods Orders had a lower revision to it's March report, as it went from 1.1% to 0.6%. It's April's report underwhelmed at 0.4% after forecasts were calling for 0.6%. Later today, the FOMC Minutes will be released, which could impact the Markets in the 2nd half of the trading day. Investors are worried over the Fed's tightening policies and high inflation, along with the war in Ukraine and lockdowns in China. The concern is regarding the possibilities of the economy going into a recession, or worse yet, stagflation. Corporate Earnings are reiterating those concerns with their worsening profit margins and their outlooks. Stocks are currently in Mixed trading range; whereas, MBS is in relatively Unchanged levels (ranging between -2bps and +3bps). So, this current range does not have any change with Mortgage Rates (in comparison from yesterday's close). Yesterday was a good day for MBS, as they closed upward of 56bps and are approaching it's 50 DMA. So, it will pose the question if the 50 DMA will cap out the MBS movement, or can it break above it? Meanwhile, Yields are hovering around 2.76% this morning.
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