http://MikesDailyMarketReport.com: The Employment Cost Index rose 0.7% again in Q1. Case Shiller HPI dropped from 4.2% YoY to 4.0% YoY in February in appreciation. Manufacturing dropped in the Chicago region, as the Chicago PMI dropped from 58.7 in March to 52.6 in April. Consumer Confidence rose from 124.2 to 129.2 in April. Pending Home Sales rebounded in April, Up 3.8%. Stocks are trading in Negative Territory, as more Corporate Earnings Reports are released. A big one, Google, missed their Revenues for Q1, which is weighing on the Markets today. FOMC begins their 2 day meetings today. No rate hike is expected. Reports on Factory Activity in China dropped; however, the index still show it in expanding territory. The EU's GDP rebounded in Q1, as it jumped up from 0.9% to 1.5%. MBS is Up 3bps, so not enough movement for Mortgage Rates to change, so Mortgage Rates remain Unchanged. Yields are still in the 2.52% range today.
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