http://MikesDailyMarketReport.com: Both Housing Starts and Permits had a very nice spike in August, which coincides with yesterday's NAHB Home Builder Index. Housing Starts jumped Up from 1.215 million annualized units to 1.364 million. Permits leaped from 1.317 million annualized units to 1.419 million. Around 11am PST, the Fed will release their statement, which we expect a 0.25% Rate Cut. Stocks are Down ahead of the Fed's Decision. Also, the Fed had to intervene with the Markets yesterday because there seems to have been a bit of a Liquidity issue. MBS improved as the day went on yesterday, and is Up 17bps this morning, so Mortgage Rates are Better so far. If there is any concern over Inflation, then this could spook the Markets, and we'll see a pullback in the the Bond Market (negatively affecting Mortage Rates). Yields have slid down to 1.75% now.
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