http://MikesDailyMarketReport.com: The Initial Jobless Claims rose back above the 200k level after (it was reported at 194k last week), which 222k applied for first time benefits last week. Some good news, lies with the Challenger Layoff (announced layoffs), which dropped by nearly 8 million; and the Continuing Claims dropped below 2 million. Tomorrow will be the BLS' Jobs data, which we'll see the Non Farm Payrolls and Unemployment Rate. Stocks are in positive territory today after a few days of beat downs. As the old adage goes, buy on the dip! There are a few Fed Members speaking today. We already know that the Fed wants to taper faster, so they can raise rates sooner to stave off inflation. Also, they're watching to see if any new lock downs will occur, as it was reported yesterday that the US (in California) the omicron made it's way here. MBS is currently Down 33bps, which Mortgage Rates have worsened. Pricing should be comparable to yesterday's open. This is due to investment dollars moving from Bonds, back to Equities. Meanwhile, Yields are rising a bit! They're currently just under 1.46%, after touching 1.41% earlier.
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