http://MikesDailyMarketReport.com: Wholesale Inventories rose 0.4% in May. The FOMC Minutes will be released later this morning at 11am PST. This report won't hold as much weight, as in the past. The last meeting took place on June 16th; but since then, we had a terrific Jobs Report, which concerned Investors enough that they couldn't help, but wonder if it may alter the Fed's plan to cut rates in July. Jerome Powell helped to ease those concerns today, as he speaks before Congress. He stated that there are concerns of the uncertainty of economic growth and inflation receding. Also, he sees Consumer spending rebounding and strong Jobs, but sees Businesses not reinvesting. This is helping Stocks this morning, as all 3 indices are trading in the Green. MBS is currently Up 14bps, which Mortgage Rates are better than yesterday's pricing. They started below it's 25 DMA and right up against it's Fibonacci level. This Fibonacci level has been very tough to consistently break and stay above it. Soon, it will need to make a choice, as the 25 DMA is approaching it. Yields are at 2.04%. It is below it's 25 DMA and at it too is right up on it's Fibonacci level, which has been very tough to consistently break and remain below. If it can consistently break below it, which I think it will soon, then we can expect to see Mortgage Rates continue to improve.
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