http://MikesDailyMarketReport.com: Manufacturing in the NY region spiked in September, as the Empire State Index reported it jumping from 18.3 in August to 34.3 in September. Also, Industrial Production rose 0.4% in August. Investors were pleased with the data, as Stocks are trading in Positive Territory today. However, they're keeping one eye toward next week's FOMC, as uncertainty on when tapering will begin unfolds. Based on the tamer CPI yesterday, then the Fed may not be so anxious to begin tapering sooner and wait for better Jobs data before proceeding ahead with tapering. Meanwhile, economic data out of China is not looking too promising as their retail sales came in very poorly due to lockdowns. Investors realize it will impact the Global Markets. MBS started the morning higher, but as European Markets wind down, so did the appetite for Treasuries and Bonds (as more Corporate Bonds enter the Market -creating more competition). MBS is currently Down 11bps and Lenders had repriced for the worse today, so Mortgage Rates are a little worse today (than yesterday). Yields jumped back above 1.30%, as it's sitting around 1.31% currently.
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