http://MikesDailyMarketReport.com: The Wholesale Inflation data was reported today, as the Producer Price Index rose only 0.1% in December, but it's YoY rose from 1.1% to 1.3%. The Core PPI also rose 0.1% in December, however, it's YoY dropped from 1.3% to 1.1%. Manufacturing improved around the NY region in January, as the Empire State Index rose from 3.3 in December to 4.8 in January. Later today, the Fed Beige Book will be released, as it will provide more of a Micro Economic view of the US economy. Stocks continue to rise, as we've approached the signing day for Phase One, which will be done later today. Also, we're at the beginning of the Q4 Corporate Earnings Report season, which it's been ok, rather mixed. MBS is Up 2bps so far this morning, so Mortgage Rates remain Unchanged. They may have a difficult time rising, as the Yields are fighting to remain above the important Fibonacci level at 1.779, which is keeping a lid on the MBS from improving much more. Yields are currently around 1.79 (and did touch off the Fibonacci earlier).
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