http://MikesDailyMarketReport.com: No economic data to report today. The driving force behind the Markets is a continuation from last week's tension in Trade talks between US and China, which have become more heightened. After US raised Tariffs on $200 Billion of Chinese goods from 10% to 25%, the Chinese did the same on $60 Billion US goods. The US is threatening to tariff the remaining $325 Billion Chinese goods, if they continue to retaliate; whereas, China is coming back with other retaliation measures, such as dumping US Treasuries. Obviously, that could disrupt the Markets tremendously, as China is one of the largest holders of US debt. Stocks are taking a bloodbath, as the DOW is down more than 500 this morning. MBS is Up 9bps, so couples with last week's gains, will lead Lenders to better pricing for Mortgage Rates. Yields have slid down to 2.41%.
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