Daily Market Update 2/28/14

Rates faced upward pressure Friday as a rally in stocks hurt mortgage-backed securities.  In economic news, the Chicago Purchasing Managers Index, a survey of manufacturing activity in the Midwest region, rose to 59.8, well above forecast.  Fourth quarter Gross Domestic Product (GDP) was revised lower to 2.4%, slightly below expectations.  Consumer Sentiment came in at 81.6, close to forecast.  January Pending Home Sales increased by 0.1%, much less than expected, and was 9.0% lower than January 2013.  Unusually cold weather was cited as a contributing factor, as well as limited inventory.  No other key economic data will be released today.

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