http://MikesDailyMarketReport.com: Nothing on the Economic Calendar today, but the Fed Beige Book was released earlier today, which stated the following:
*economy is growing at modest to moderate pace
*low supply of workers across the country
*it's being reported there is significantly elevated prices around the US
So, Inflation, lack of supplies and lack of workers are suppressing the economy from reaching it's full potential. Many Investors are speaking out on the inflation not being transitory and being more permanent, especially as energy prices quickly escalate and get absorbed into consumers' costs. Stocks are in Mixed Territory, as NASDAQ remains lone index in the Red. They're being heavily influenced with the higher yields, as they continue to try and head north. They're currently sitting just under 1.64%. There are a few Fed speakers today, as we approach the FOMC in about 2 weeks. The question might be if the Fed begins tapering in November or December. This will have an impact in both the Stock and Bond Markets, as liquidity shrinks. Meanwhile, MBS is largely unchanged, as it's up only 3bps. So, there is no change for Mortgage Rates, as they've been in sideways pattern these 3 days.
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