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Economic Update - Trade Deficit
Economic data for the day:

Stocks are mixed today, a day after $SPY closed at its highest level since August. All 3 major indices were higher on Tuesday, with $QQQ also closing at its highest level of 2023.

The US trade deficit jumped 23% to $74.6B in April, the highest level in 6 months, but the deficit was still lower than expected. Exports were lower while imports were higher.
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MBA mortgage applications fell 1.4% for the week. Both purchases & refinance activity were lower, down 2% & 1%, respectively. The average interest rate of a conforming 30-year mortgage fell 10 basis points to 6.81%.
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Treasury yields are higher this morning, with the 2-year Treasury yield up 0.2 basis points to 4.59%, the 5-year Treasury yield up 0.2 basis points to 3.95%, and the 10-year Treasury yield up 0.1 basis points to 3.79%. Advance rates are lower through most of the curve today.
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