Daily Market Update 9/27/12

Rates faced upward pressure Thursday following news that the European Central Bank may announce additional aid for Spain and China may soon launch new stimulus measures.  In economic news, weekly Jobless Claims fell to 359,000, below forecast, to the lowest level since July.  August Durable Goods Orders sank 13.2%, mostly due to volatile aircraft orders.  Final second quarter GDP unexpectedly dropped sharply to 1.3% from 1.7%.  Pending Home Sales fell by 2.6% in August.  An increase of 1.0% had been expected.  Freddie Mac reported average 30-year fixed rates of 3.40% with 0.6 “points” last week, the lowest on record.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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