Daily Market Report 6/1/22

 http://MikesDailyMarketReport.com:  The ADP Private Payrolls would normally be released today, but it was rescheduled for tomorrow; along with the Initial Jobless Claims.  Constructions Spending rose only 0.2% for April, as forecasts called for 05%.  The ISM Manufacturing PMI rose to 56.1%.  This data is showing investors that the economy is doing well, so the Fed should continue it's course of tightening policy.  Fed Member Bostic cautioned the Markets that a pause after the next few rate hikes doesn't mean the Fed will bend to the Markets whims, as it fights to control inflation.  There will be a few other Fed Members speaking today, so the Market could move accordingly.  Meanwhile, the Fed will begin their Balance Sheet reduction today, which will add more pressure to Mortgage Rates, as they sell off Treasuries and MBS from their holdings.  MBS is currently Down 50 bps, as it challenges it's 25 DMA.  This is the same as a half point to a rate that you may have been quoted yesterday as No Point (now costs a half a point or half a percent of the loan amount to obtain that rate).  Meanwhile, Yields continue to spike and add more pressure to MBS, as it's beginning to break above it's 25 DMA at 2.94%.

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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.