http://MikesDailyMarketReport.com: Housing Starts came in at 1.27 million annualized units for May compared to a revised (higher) 1.29 million annualized units in April. The revision shows it dropped; but without the revision, it would have rose. Building Permits remained unchanged from April to May at 1.29 million annualized units. The Fed begins their 2 day meeting today, which it is expected to set up next month's meeting for a possible rate cut. Stocks are really taking off (DOW is currently up 400 points), as comments by ECB's Mario Draghi stoke the fire. He reiterated his desire to cut rates further to jumpstart the EU Economy and further reduce their Yields into deeper Negative Territory (Deutsche Bund is now -.313%). This is lowering Yields on a Global Level, even pushing our Yields below it's Floor of Support. The ECB's comments will add more pressure to the Fed to cut it's rates. MBS is Up 9bps, after touching 20bps earlier this morning. I'd say that Pricing got better back East, but on the West Coast, Pricing Remained the same, as those gains shrunk by the time they opened. Yields are down to 2.06%.
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