Daily Market Update 9/24/10

Rates inched higher Friday as gains in stocks hurt mortgage-backed securities. This morning, August Durable Goods Orders fell 1.3%, which was close to forecast. Excluding the volatile transportation component, however, orders rose 2.0%, more than expected. New Home Sales were unchanged in August at an annualized rate of 288,000, close to expectations. Next week, two key manufacturing reports will be released. The Chicago Purchasing Managers Index will come out on Thursday and the Institute for Supply Management manufacturing index on Friday. The Treasury will hold large auctions of 2-, 5-, and 7-year notes over three days beginning Tuesday. No other data will be released today.

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