http://MikesDailyMarketReport.com: There are a few items on the Economic Calendar, which we'll start with this week's most important: Retail Sales for November, which only came in 0.3% MoM. Very dismal, considering it's the Holiday Season! The Empire State Index, which measures manufacturing around the New York region, jumped up to 31.9 for December. Anything above 0 is growth, and it's doing extremely well! The NAHB Home Builders Index are showing more confidence, as it moved up from 83 to 84. Also, the Business Inventories rose 1.2% in October. Now, what everybody (especially Wall Street) have been waiting for! The FOMC finally came out with their announcement, which came as no surprise. They will double their tapering and finish up around March; and start Rate hikes around June (approximately 3 in 2022 and another 3 in 2023). Stocks are coming back a bit; as MBS is selling off on the news. Lenders are already pricing in negative pricing on their Ratesheets, as the Market reacts to the FOMC Announcement. They've been fluctuating between 23bps and 30bps, as this video was being created. Also, Yields have been rising some, but not dramatically, as it's Technical ceiling been keeping a lid on it. It's currently around 1.47%.
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