Daily Market Update 10/15/13

Rates inched higher Tuesday reflecting market activity that occurred late Friday.  Bond markets were closed yesterday in observance of Columbus Day.  Mortgage-backed securities remain volatile as investors focused on a proposed debt deal in the Senate.  The House is expected to offer its own proposal later today.  With Thursday’s debt ceiling deadline rapidly approaching, law makers must act quickly to avoid a potential government default, which most analysts agree would have serious economic consequences.  In other news, the Empire State index declined to 1.5, far below expectations, to the lowest level since May.  Readings above zero indicate expansion in the manufacturing sector in the Northeast Region.  Stocks moved lower.  No other key economic data will be released today.

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