Tuesday, May 3, 2022

Daily Market Report 5/3/22

 http://MikesDailyMarketReport.com:  Factory Orders exceeded expectations for March and rose by 2.2% on forecasts of 1.1%.  Also, February's data was revised from -0.5% to +0.1%.  The Fed begins their 2 day meeting (FOMC), which they'll be providing their announcement tomorrow.  It is widely expected they'll hike rates by 0.5% tomorrow, along with plans to implement the Balance Sheet reduction.  Investors will watch for clues as to how they plan to proceed: like how aggressive will they be to reduce the Balance Sheet; and will they hike rates by 0.75% for their June & July meetings or do 4 consecutive 0.5% hikes?  These are the questions that are going through the investors' minds.  Both Markets improved late in the day yesterday, as stocks closed in positive territory and MBS down 17bps (after being down 36bps early on).  Today, they both are trending in positive territory, as MBS is currently Up 13bps.  So, Mortgage Rates improved some; and close to same level as we closed on Friday.  Yields touched off the 3.00% range yesterday and have pulled back some.  It's currently just under 2.95%, but was down to 2.92% earlier on.  The FOMC will have the greatest impact this week for the Markets; and the Jobs data will be second most impactful (especially on Friday with the BLS' report).

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

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