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In a general business context, the difference between a product's (or service's) selling price and the cost of production.

Mario Draghi
Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as the President of the European Central Bank on 1 November 2011. He was previously the governor of the Bank of Italy from December 2005 until October 2011.

An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. Markets include mechanisms or means for (1) determining price of the traded item, (2) communicating the price information, (3) facilitating deals and transactions, and (4) effecting distribution. The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it.

Markit Construction PMI
The Construction PMI covers the following economic variables: Total activity, Residential activity, Commercial activity, Civil engineering activity, New orders, Employment, Quantity of purchases, Suppliers' delivery times, Input prices, Sub-contractor usage, Sub-contractor availability, Sub-contractor rates, Sub-contractor quality, Future activity.

Markit PMI
The Markit PMI (Purchasing Managers' Index) series are closely watched economic indicators in the world, tracking business conditions in over 30 countries. They provide advance insight into the private sector economy by tracking variables such as output, new orders, employment and prices across key sectors. Economic analysts, business decision makers, forecasters and policy makers leverage the PMI surveys to better understand business conditions in a given economy. Central banks in many countries use the data to help make interest rate decisions, and analysts in the financial markets use PMI data to forecast official economic data.

Markit U.S. Composite PMI
The PMI monthly Composite Reports on Manufacturing and Services, released by Markit Economics, are based on a large number of business executives in private sector manufacturing and services companies. Data is usually released on the third working day of each month. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs. Replies from larger companies have a greater impact on the final index numbers than those from small companies. Results are presented by question asked, showing the percentage of respondents reporting an improvement, deterioration or no change since the previous month. From these percentages, an index is derived: a level of 50.0 signals no change since the previous month, above 50.0 signals an increase (or improvement), below 50.0 a decrease (or contraction).

Markit US Manufacturing PMI
The Manufacturing PMI covers the following economic variables: Output, New orders, New export orders, Backlogs of work, Output prices, Input prices, Suppliers' delivery times, Stocks of finished goods, Quantity of purchases, Stocks of purchases, Employment.

Markit US Services PMI
The Services PMI covers the following economic variables: Business activity, New business, Backlogs of work, Prices charged, Input prices, Employment, Expectations for activity.

Mary C. Daly
Mary C. Daly took office as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco on October 1, 2018. In this role, she serves on the Federal Open Market Committee, bringing the Fed’s Twelfth District’s perspective to monetary policy discussions in Washington. Prior to her appointment to President, Dr. Daly served as the Bank’s Executive Vice President and Director of Research, which she joined in 1996.

MBA Mortgage Applications
MBA (Mortgage Bankers Association of America) Purchase Applications include all mortgage applications for the purchase of a single-family home. The index is comprehensive as it encompasses indices for composites, purchases, refinancing, fixed mortgage rates, and adjustable mortgage rates.

A type of asset-backed security that is secured by a mortgage or collection of mortgages. These securities must also be grouped in one of the top two ratings as determined by an accredited credit rating agency, and usually pay periodic payments that are similar to coupon payments. Furthermore, the mortgage must have originated from a regulated and authorized financial institution. Also known as a "mortgage-related security" or a "mortgage pass through".

Melvin Luther "Mel" Watt
Melvin Luther "Mel" Watt is an American politician who was nominated by President Barack Obama as the Director of the Federal Housing Finance Agency, which among other agencies, administers or has oversight for the FHA, Fannie Mae, and Freddie Mac. Watt assumed his 5 year term as Director on January 2014. Previously, he served as the U.S. Representative for North Carolina's 12th congressional district from 1993 to 2014. Watt is a member of the Democratic Party.

Michael Strine
Michael Strine is first vice President at the Federal Reserve Bank of New York, the second ranking officer in the Bank and its chief operating officer, as well as an alternate voting member of the Federal Open Market Committee. From 2005 to 2008 he served as chief financial officer for New Castle County in Delaware and before that as chief of policy and operations (now called Deputy Secretary) for the State's Department of Finance where he contributed broadly to fiscal, health and education policy and finance, as well as overseeing key operations.

The change from one month to another (Month over Month).

Money Managers
A business responsible for managing the securities portfolio of an individual or institutional investor. Typically, a money manager employs people with various expertise ranging from research and selection of investment options to monitoring the assets and deciding when to sell them. In return for a fee, the money manager has the fiduciary duty to choose and manage investments prudently for his or her clients, including developing an appropriate investment strategy, and buying and selling securities to meet those goals. Also known as "portfolio manager" or "investment manager".

Month-end index
Index Fund rebalancing, happens on the last business day of the month.

Monthly Budget Statement
The Monthly Budget Statement released by the Financial Management Service on the 8th business day of each month and it summarizes the financial activities of federal entities, disbursing officers, and Federal Reserve banks. A positive budget statement that receipts exceed budgetary outlays is seen as bullish for the USD. On the other hands, a negative figure (deficit) that indicates government debt is seen as bearish.

Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities and, with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.

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