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Economic Update
Stocks dropped sharply Wednesday morning as investors digest the latest batch of corporate earnings. Some high-profile companies have missed expectations, causing concerns about the remainder of the season. The DJIA is coming off a 3-day winning streak & all 3 major averages are slightly higher/flat on the week.

For economic data today, MBA mortgage applications increased 7% last week. The refinance index increased 15% & the purchase index was up 3%. The report also showed that the average interest rate of a conforming 30-year mortgage fell 3 bps to 6.2%, the 3rd straight weekly decline.

Treasury yields are lower, with the 2-year T yield down 2.4 basis points to 4.13%, the 5-year T yield down 3.3 basis points to 3.55%, and the 10-year T yield down 2.5 basis points to 3.44%. Advances rates are lower throughout most of the curve today.
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