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Mark Hemingway

Mortgage Market Update for January 7th

Wednesday, January 8, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The service sector of the U.S. economy continues to be a bright spot. The sector provides a service, not a product, such as retail, banks, hotels, real estate and the like. The Institute for Supply Management's Service Index registered 55 in December with the sector growing for the 119th consecutive month. A reading above 50 indicates the non-manufacturing sector economy is generally expanding; below 50 indicates the non-manufacturing sector is generally contracting.

The financial markets are quiet so far this morning with little movement in the bond markets. U.S. stocks fell at the outset yesterday on the Middle East tensions but the Dow, S&P and NASDAQ erased their losses and ended in positive territory. As Jim Cramer said on CNBC this morning, "This market is resilient." Mortgage Bond and Treasury prices are near unchanged with the 10-year yield at 1.81%. The markets are gearing up for some potential headline risk by way of two key labor market reports - tomorrow's ADP Private Payrolls and Friday's official Jobs Report.

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