http://MikesDailyMarketReport.com: Manufacturing in the NY region had one of it's worst declines in June, according to the Empire State Index, which went from 17.8 in May to -8.6 in June. Also, confidence is starting to wane with Home Builders, as the NAHB Home Builder Index, which is a survey to gauge their confidence dropped from 66 to 64; however, any reading above 50 is considered optimism. Stocks are trading in Positive Territory, as i'ts preparing for the FOMC. A few Economists are calling for a Rate Cut at this coming meeting, but the odds are around 27% for such an occurence. Most, around 87%, are projecting a Rate Cut for July's Meeting. The sentiment is the Fed wants to be transparent and set the stage for a Cut. If they cut at this meeting, then it may be viewed as an Emergency or Crisis and spook the Markets. Investors will review the Dot Plot to see how many Cuts may happen this year, as some are calling for 2 Cuts; as well as, some change in the Fed's language. Stocks are also being led by a few major players, like Sotheby's possible acquisition to be Private; and Facebook's upcoming release of it's own Crypto Currency. MBS is down 6bps, which is not quite enough for Mortgage Rates to worsen, so Interest Rates remain Unchanged. Yields are still hovering the low end of it's Trade line and sitting at 2.09%.
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