Daily Market Update 10/10/13

Mortgage rates inched higher Thursday as progress was reported on a temporary deal to increase the debt limit.  Stocks soared, pressuring mortgage-backed securities.  In economic news, weekly Jobless Claims jumped to 374,000, far above forecast, but the figures were distorted by computer glitches in California and the government shutdown.  Yesterday, President Obama announced the nomination of Janet Yellen to succeed Ben Bernanke as Fed Chairman.  Yellen is considered a monetary “dove”, who, if confirmed by the Senate, is likely to maintain the Fed’s “easy money” policies in an effort to reduce unemployment.  No other key economic data will be released today.

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