Hey everybody! I hope your day is off to an awesome start.
The stock market is in the red today as both the S&P and Nasdaq fall due to rising treasury yields. Investors are pulling out due to inflation concerns. We will get inflation numbers later this week and will have an idea if the market is correct or if this is an overreaction.
CNBC released an article today talking about the widespread acceptance from employers regarding WFH (work from home). They estimate that 20% of the US workforce is currently WFH and 28% of Americans have considered relocating during the pandemic. A move back to the office is going to be a strange transition for both employees who have been at home for almost a year and employers who have not seen their employees for almost a year.
We do not have much news for you today, but this week has a ton including PCE and the Case Shiller report.
Mortgage backed securities continue their 2021 slide, down another 44 bps so far today. Again, nobody wants to be the investor who tries to catch the knife. So Mortgage backed securities continue to slice through floor after floor. We are still holding a strong locking bias.
Finish out the day strong!