http://MikesDailyMarketReport.com: Construction Spending dropped 0.1% in May; however, it's April data was revised higher, from 0.2% to 0.8%. The ISM Manufacturing PMI dropped from 56.1 in May to 53.0 in June; coming in under forecasts of 54.9. Anything above 50 with this index indicates expansion. So, many PMIs were released globally (Asia and Europe) today, which seems to be a global trend that these are slowing down (some even contracted). This has Investors worried, as the Fed is on trajectory with a very hawkish policy path, which they feel will lead us into a recession (if we're not already in one, as some believe). As a result, investment dollars are flowing back into Bonds/Treasuries for safe keeping (or "flight to safety"). MBS closed Up 42bps (off from earlier highs), w...
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