http://MikesDailyMarketReport.com: Wholesale Inflation remains moderate in June, as it rose 0.1%, and it's YoY dropped from 1.8% to 1.7%. But if you remove uncontrollable variables, as food and energy, the we have the Core PPI, which carries more weight. It rose 0.3% in June, however, it's YoY remained at 2.3%. Stocks continue their Upward trend this morning, after Investors were satisfied with staements made by Fed Chair Powell during the past 2 days of Congressional Testimony. A bad 30 year Bond Auction yesterday afternoon sank the Bonds/MBS, as it closed down 34 bps, and led Lenders to reprice for higher Mortgage Rates. This morning, we're Up 9bps, so Mortgage Rates remain Unchanged from yesterday afternoon's repricing. Yields have climbed up to 2.12% now. Both have broken their Trend lines, which will create a Short-Term Speed Bump before we see further improvements in our Mortgage Rates. We may see a little more worsening before it gets better in the Short-Term.
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