Daily Market Update 11/29/12

Rates were little changed Thursday as there were no major surprises in today’s economic data.  Third quarter Gross Domestic Product (GDP) was revised higher to 2.7% from 2.0%, which was slightly below the consensus forecast.  Most of the increase was due to a buildup of inventories, which means there will likely be a lower production of goods in future quarters.  Weekly Jobless Claims fell to 393,000, close to expectations.  The National Association of Realtors reported the October Pending Home Sales index rose 5.2%, far exceeding an expected increase of 1.0%, to the highest level since March 2007.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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