http://MikesDailyMarketReport.com: ADP reported 247k new jobs for Private Payroll in April, which came in much lower than forecast. ISM Non-Manufacturing PMI dropped from 58.3 in March to 57.1 in April, which it slowed with the Services sector, like it's counterpart in Manufacturing in yesterday's report. Later today, the Fed will provide their announcement after it's completion of the 2 day FOMC. It's widely expected for them hike rates by 50bps and begin the Balance Sheet reduction. Investors will listen to how aggressive of approach the Fed will take going forward. Both Stocks and Bonds opened lower for the day. MBS are currently off their morning lows; however, still Down around 13bps. Mortgage Rates are priced a little worse today. This trend started yesterday afternoon, as MBS closed in the Red (after being in positive territory for most of the day). Investors are positioning themselves ahead of the Fed Announcement, so it could become very volatile after their announcement. Meanwhile, Yields did touch off the 3.00% Mark and currently is sitting at just under 2.99%.
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