http://MikesDailyMarketReport.com:  The Existing Home Sales dropped in May from 5.85 million annualized units in April to 5.80 million.  However, this is better than the 5.72 million forecast.  Stocks are Up again today before Fed Chair Powell testifies before the House Sub-Committee this afternoon.  He did release an early statement that was similar to Fed Williams' comments yesterday on the timeline of a ratehike.  It was stressed that the Fed feels that inflation is transitory and they will take the time to make sure Jobs are in stable ground before raising rates, which will take time (in other words, it won't come as soon as many Investors feared).  MBS is Up 16bps and back to same levels as Friday's close; so, Mortgage Rates have improved.  Yields had broke above the Technical leve... 06/22/2021

http://MikesDailyMarketReport.com:  There are no Economic data on the calendar to report today; however, there are a number of other data throughout the week that may  make some impact (including PCE, GDP, Housing data, etc...).  The Markets are following last week's hawkish tone set by the Fed and it's members.  Stocks are in Positive Territory today after a lot of selling last week.  Portfolio Managers are repositioning their assets as they head into a new Quarter.  We have a few Fed Members speaking today, including Bullard whose comments disrupted the Markets on Friday.  Investors may be interested in Fed Williams' thoughts, whom will be speaking later this afternoon.  Currently, MBS is Down 19bps (off from much earlier lows); but, it's enough for some worsening in Mortgage Rates (c... 06/21/2021

http://MikesDailyMarketReport.com:  Today is a new Federal Holiday, Juneteenth, so there are no economic data to report; however, the Markets are still open.  Stocks are Down this morning, based on 2 events.  The first event is the Quadruple Witching, which Portfolio Managers reposition their portfolios, as we approach another quarter.  Also, there were some hawkish comments by St Louis Fed Bullard, which he stated that the Fed may raise rates as soon as next year (much earlier than expected).  We had some really big swings in both the MBS and 10 year Treasuries this morning, which last all but 10 minutes.  MBS opened a little higher than yesterday's close, but it had a quick drop of about 25bps.  Almost as quick, it rebounded.  As of creating this report, it was Unchanged levels.  So, ... 06/18/2021

http://MikesDailyMarketReport.com:  Manufacturing in Philadelphia region slipped a little bit in June, as the Philly Fed Index came in at 30.7 (prior, it was at 31.5).  The Initial Jobless Claims rose back above 400k, as it was reported that 412k people applied for first time benefits last week.  Also, Leading Indicators showed 1.3% improvement in May.  Again, Stocks are in Mixed Territory (NASDAQ lone index in Positive).  Investors are readjusting their positions after the FOMC Announcement yesterday, which saw all the Markets drop.  It came in a little more Hawkish; however, too many investors put too much emphasis on the Dot Plot, which Powell cautioned that it's too early to really tell when they'll raise rates, as they want to see much more improvement before even thinking about th... 06/17/2021

http://MikesDailyMarketReport.com:  Housing Starts rose to 1.572 million annualized units in May, as it's April numbers were reduced from 1.569 million to 1.517 million.  It's counter-part, Building Permits dropped to 1.681 million annualized units, as confidence with Home Builders sours.  They're still facing issues with labor, rising prices and short supply with materials.  Stocks are in Mixed Territory this morning, as Investors brace for the FOMC policy statement around 11:30am PST.  Investors will be looking for clues to the Fed's thoughts on inflation, jobs/economy, tapering and review Dot Plot for future projected rate hikes.  MBS is little changed, as it's currently Up 3bps; and Mortgage Rates remain Unchanged.  Yields moved slightly too, as it sits just under 1.49%.  Now, it co... 06/16/2021

http://MikesDailyMarketReport.com:  We got a long list of economic data to report today, so be prepared.  The inflation data for the Wholesale sector continues to rise, as the Producer Price Index (PPI) rose 0.8% in May; and the Core PPI (excludes food and energy) rose 0.7%, bringing it's YoY from 4.1% in April to 4.8% in May.  Retail Sales in May dropped 1.3%; however, it's April numbers were revised higher, from 0.0% to 0.9%.  When you exclude "big ticket items", like Autos, then it dropped only 0.7% in May; and it's April numbers were revised higher too, from -0.8% to 0.0%.  Manufacturing in the NY region slowed a bit in June, as the Empire State Index dropped from 24.3 in May to 17.4 in June.  Capacity Utilization rose to 75.2%; and Industrial Production rose 0.8% in May (due to Aut... 06/15/2021

http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's fairly slow in the Markets, as NASDAQ remains the only index in Positive Territory; and Investors shift their bets ahead of the FOMC, which begins tomorrow.  The FOMC is the Fed's 2 day meeting, which they gather every 6 weeks.  Investors will be watching for their statements on inflation and discussions on Tapering; along with any updates on the Dot Pot (for future rate hikes).  Meanwhile, there was a big selloff with MBS today, as it's currently Down 23bps; so, Mortgage Rates took a bit of a hit this morning.  It broke below both it's 25- and 50 DMA.  Yields inversely broke above it's Technical Ceiling (at the 1.47% range) and is approaching it's 100 DMA.Please subscribe to my YouTube Channel at Mike... 06/14/2021

http://MikesDailyMarketReport.com:  Consumer Sentiment rose to 86.4 in June, as Consumers are feeling a bit better (compared to May); however, there is still concerns lingering over inflation, as their costs are higher.  Stocks are in Mixed Territory, as NASDAQ is lone index tip toeing back and forth between Negative and Positive Territory.  Yesterday's inflation news was shrugged off, even though it would hurt both the Equity and Bond Markets, as Investors are onboard with the Fed's transitory message for now.  There is no catalyst for any Market movement today, so they will look toward next week's FOMC; and listen for any news on any discussion of tapering.  Meanwhile, MBS had a rollover, so it's placement on the chart may look a little out of whack.  It just means that MBS had a rese... 06/11/2021

http://MikesDailyMarketReport.com:  We received the long-awaited inflation report for this week today, which is the Consumer Priced Index (CPI), for the month of May.  The CPI rose 0.6% in May; and it's YoY rose from 4.2% in April to 5.0% in May.  The Core CPI (excluding food and energy) rose 0.7% in May; and it's YoY rose from 3.0% in April to 3.8% May.  Lastly, the Initial Jobless Claims came in at 376k new claims last week.  Last week's report was revised higher, from 385k to 405k.  We're still seeing improvement here, as the amount of people applying for Unemployment is shrinking, along with Continued Claims.  Stocks are Up today, despite the high inflation data.  Last month, the Markets tanked on the news; however, now, Investors are getting more inline with the Fed that the data i... 06/10/2021

http://MikesDailyMarketReport.com:  The Wholesale Inventories rose by 0.8% in April.  This is a minor report, and won't have much impact with the Markets.  However, tomorrow's CPI report can have a major impact with the Markets, so be cautious!  Stocks are in Mixed Territory, as DOW is lone index in the Red.  It was reported that China's PPI, which measures inflation on the Wholesale side, rose by 9.0% last month (highest since 2008).  This will obviously translate to higher costs here, as we obtain quite a bit of commodities from China.  MBS is currently Up 13bps and testing it's 100 DMA.  This will lead Lenders to provide better pricing today for Mortgage Rates.  Yields have slipped down to 1.50% as it (earlier) tested it's 100 DMA and Technical floor.  There is a 10 Year Note Auction... 06/09/2021

http://MikesDailyMarketReport.com:  The NFIB Small Business Survey dipped by 0.2 points to 99.6.  This survey gauges the confidence with Small Business Owners, which important because they make up the bulk of the US employment data.  Their concerns lie with finding employees to work and rising inflation.  Stocks are Down as they wait for the CPI report on Thursday.  DOW and NASDAQ have been trading near all time highs, so they're receptive to the notion that the Fed may be pulling some of the punch from the punchbowl soon, if the economy and inflation continues to grow.  There was a disruption to many major websites (like CNN and NYT) due to some internal issues at Fastly.  This added to some Market instability early in trading, as many did not know the source of the problem.  Meanwhile... 06/08/2021

http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's very light this week; however, Thursday could be a big day, as we will receive the CPI for May.  Last time it reported a big spike with inflation, and Markets overreacted.  Stocks are in Mixed Territory, as NASDAQ remains lone index in Positive Territory today.  As there's not much to report today, Investors are watching on any progress on the Infrastructure bill and still have some concerns regarding Inflation; which the Fed has recently indicated that they will start the discussion.  The Fed is trying to give a long-timeframe on the possibility of tapering, as to avoid any Taper Tantrums.  Meanwhile, MBS is Down 5bps, so Lenders will price their Mortgage Rates as Unchanged from Friday's close.  Yield... 06/07/2021

http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their reports today, which is the data we've been waiting for this week!  The Non-Farm Payrolls improved last month's dismal 278k to 559k in May.  This is still much lower than expectations that were ranging from 700k to 1 million.  Average Earnings jumped up .5% in May, as well, while employers are trying to entice workers to come back to work.  The Average Work Week remained Unchanged at 34.9 hours per week.  The Unemployment Rate dropped from 6.1% to 5.8% in May.  Lastly, Factory Orders dropped 0.6% in April while they deal with the shortages in labor and materials.  Stocks are Up today, as Investors feel that the Fed won't make any changes to their current policies based on employment data being releas... 06/04/2021

http://MikesDailyMarketReport.com:  The ADP released it's May Jobs data, which the Market it obsessing over today.  It came in with 978k new private jobs.  Also, the weekly Jobless Claims broke below 400k with 385k applying for First Time Benefits for last week.   However, there is a caveat (in my opinion).  The ADP revised their April Jobs data lower, from 742k to 654k.  The Challenger layoffs (announced layoffs) rose from 22.913 to 24.586 in May.  Also, the Continued Claims revised last week's report from 3.602 to 3.738 million; and this week's report came in higher at 3.771 million.  The Media is only reporting the HOT number, but not really mentioning some of these other data points that are important.  To continue with the economic reports, the final revisions for Labor Costs drama... 06/03/2021

http://MikesDailyMarketReport.com:  There are no economic data being reported today.  This week is May's jobs data.  Typically, the ADP release their data on Wednesday; however, due to the short week, then they extended that release date for tomorrow (along with the weekly jobless claims).  Stocks are Up today, as they look toward Q2 and progress in the economy.  They're closely watching for signs of supply chain and labor improvement before they invest much more in equities.   There are a few Fed Speakers out today, as Fed Member Harker stated that he's in favor of "talking about talking about the possibility of tapering".  Meaning that it's most likely down the road a bit.  MBS improved yesterday to -3bps close, as it was down approximately 17bps; so, most Lenders re-priced for the be... 06/02/2021

http://MikesDailyMarketReport.com:  ISM Manufacturing PMI rose to 61.2 in May (up from 60.7 in April).  Also, Construction Spending rose only 0.2% in April; however, it's March number was revised higher from 0.2% to 1.0%.  Stocks are Mixed after initially starting in Positive Territory; however, the ISM Manufacturing PMI report disappointed S&P and NASDAQ, as the reported reiterated the Labor and Supply shortage.  Investors seem to be buying into the Fed's Inflation message now, as they shrugged off last Friday's inflation data.  We have a few Fed Speakers today, as their speaking engagements will go into a Blackout ahead of their FOMC on June 15-16.  MBS started down 17bps, so Lenders priced Mortgage Rates a bit worse.  However, it's subsiding quite a bit and is Down only 5bps now; so,... 06/01/2021

http://MikesDailyMarketReport.com:  We received the BIG report today and Markets are shrugging it off!  The Personal Consumption Expenditure (PC) jumped up 0.6% in April; whereas, it's YoY jumped from 2.3% in March to 3.6% in April.  When you exclude Food and Energy, then you have the Core PCE (which is what the Fed regards to "real inflation").  This jumped up 0.7% in April; and jumped up from 1.8% in March to 3.1% for April.  Typically, the Fed will keep this number at 2.0%; and even made a statement back in the Fall of 2020 that it will allow it to average at 2.5% for some time before making any adjustments.  Also, there have been debates that Inflation is transitory or permanent.  As we can see by these numbers, commodities spiked (even without the food and energy).  Other reports i... 05/28/2021

http://MikesDailyMarketReport.com:  The Weekly Initial Jobless Claims shrunk down to 406k people applying for first time benefits; also, more people are getting off the continuing benefits, as that number shrunk by nearly 100k.  The Q1 GDP remained Unchanged from last reporting at 6.4%.  Our last report will come in June!  The Durable Goods Orders dropped by 1.3% in April; however, if you exclude Transportation (big ticket items), then it rose by 1.0%.  Lastly, Pending Home Sales dropped by 4.4% in April, as we continue to see Listings drop.  We're already at Historic Lows!  Stocks are Up this morning, but moderate levels, as they look for some sort of news of the Fed and prospects of Tapering (reducing their Treasury and MBS monthly purchases).  Tomorrow is the Fed's favorite gauge for... 05/27/2021

http://MikesDailyMarketReport.com:  We don't have any economic data worth noting today; however, tomorrow will begin the higher impact data (with the big inflation data, PCE, on Friday).  We haven't been getting much activity in the Markets over the past few days due to concerns on inflation and there hasn't been much high impact reports; so, Friday's data could be a bit of a catalyst for the Markets.  Stocks are Up a little bit this morning, as the Small Cap comanies seem to be the popular trend today.  MBS is Down 5bps this morning as it's current position sits in No Man's land (between 50- and 100 DMA).  The last time we touched the 100 DMA, then MBS sank a bit; so, be careful in this territory -especially ahead of the important inflation data on Friday.  Mortgage Rates remain Unchan... 05/26/2021

http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) reporting today.  The first is the Case Shiller HPI, which rose 1.6% MoM in March; and it's YoY jumped up to 13.3%.  The FHFA HPI, which uses conforming loans as it's data points, rose 1.4% MoM in March; and it's YoY jumped up to 13.9%.  However, Consumer Confidence disappointed the Markets when it's April reading of 121.7 was revised lower to 117.5.  This was the highest reading since the beginning of the pandemic.  Then to top it off, then it dropped to 117.2 in May.  Stocks are taking it's queue from the disappointing Consumer Confidence report today, as they break a 3 day winning streak.  However, MBS is Up 11bps and should set Lenders with better pricing today than yesterday's rate sheet.  Also, Yields are down ... 05/25/2021