Daily Market Update 10/31/13

Rates faced upward pressure Thursday reflecting Wednesday’s late sell-off of mortgage-backed securities.  Yesterday, the Fed gave no indication of the timing of anticipated tapering of its bond purchase program known as quantitative easing.  Although it announced no policy changes, the Fed slightly upgraded its outlook for the economy.  This morning, weekly Jobless Claims came in at 340,000, in line with forecast.  The Chicago Purchasing Managers Index jumped unexpectedly to 65.9, to the highest level since March 2011.  Readings above 50.0 indicate expansion in manufacturing in the Midwest Region.  No other key data will be released today.

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