Daily Market Update 3/27/14

Rates moved lower Thursday reflecting a rally in mortgage-backed securities late Wednesday.  In economic news, weekly Jobless Claims fell to 311,000, below the consensus forecast of 325,000.  Fourth quarter GDP was revised higher to 2.6%, matching expectations, but down from a 4.1% pace during the third quarter.  Pending Home Sales declined by 0.8% in February, the eighth consecutive monthly decrease.  Year-over-year sales fell by 10.5%.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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