http://MikesDailyMarketReport.com: Manufacturing in the NY region contracted in April, as the Empire State Index reported that it declined 11.6 on it's index on forecasts of +17.00. The week ahead has Retail Sales (which may coincide with many Corporate Earnings releases for some of the largest Retailers), Housing data and Manufacturing. Today, Stocks are down again on pessimism by Investors on the possibility of a smooth landing with the path of the Fed policy, as many economists revise global economic growth lower. Part of the issue lies with China's current COVID lockdowns, which is having a major constraint with the supply chain. This is having a positive effect with Mortgage Rates, as MBS is currently Up 13bps, but have been averaging between +14bps to 23bps. MBS is currently challenging it's 25 DMA overhead, which has put a cap on any potential trend. At least for today, we'll see some slight improvement with our Mortgage Rates. Yields are currently just under 2.89% and below it's 25 DMA once again.
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