Daily Market Update 9/17/12

Rates held steady Monday as mortgage-backed securities (MBS) markets appeared to be settling down following two days of extreme volatility.  After a huge rally on Thursday, MBS gave back about half of their gains on Friday.  In economic news, the Empire State manufacturing index declined to -10.4, well below the consensus forecast of -3.0, to the lowest level since April 2009.  Readings below zero indicate contraction in the manufacturing sector.  No other data will be released today.

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