Daily Market Update 3/1/13

Mortgage rates were little changed Friday on mixed economic data.  January Personal Income declined by 3.6%, compared to a consensus forecast of -2.0%.  Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, a bit less than expected.  The Institute for Supply Management manufacturing index came in at 54.2, beating expectations.  Readings above 50.0 indicate expansion in manufacturing.  Consumer Sentiment rose to 77.6 from 76.3, while Construction Spending fell by 2.1%.  Stocks moved sharply lower as investors braced for government spending cuts resulting from “Sequestration”.  No other data will be released today.

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