Daily Market Update 1/23/14

Rates were little changed Thursday as mortgage-backed securities recovered from yesterday’s late sell-off.  This morning, weekly Jobless Claims rose to 326,000, close to expectations.  Existing Home Sales increased to 4.87 million annual units, a bit less than expected.  Leading Indicators rose 0.1%, in line with forecast.  Overseas, China’s Purchasing Managers Index (PMI) fell to 49.6, below the consensus of 50.3.  Readings below 50.0 indicate contraction in the manufacturing sector, which could have significant implications for global markets.  The US PMI declined to 53.7.  A reading of 55.0 had been expected.  No other key economic data will be released today.

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