Daily Market Update 2/28/11

Mortgage rates were mostly unchanged Monday. The January Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, matching expectations. Personal Income increased 1.0%, the largest increase in over two years, but was due in part to a temporary reduction in the Social Security tax rate. The Chicago PMI manufacturing index rose to 71.2, beating forecast. Pending Home Sales fell 2.8% in January. A decrease of 3.0% had been expected. No other key data will be released today.

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