Daily Market Update 4/15/14

Rates edged higher Tuesday reflecting yesterday’s late sell-off of mortgage-backed securities.  In economic news, the March Consumer Price Index (CPI) rose 0.2%, above the consensus forecast of 0.1%, but was just 1.5% higher than one year ago.  Core CPI, which excludes volatile food and energy components, also increased 0.2%.  The Empire State Index, a survey of manufacturers in the state of New York, declined to 1.3, far below expectations.  Readings above zero indicate expansion in the manufacturing sector.  The National Association of Home Builders housing sentiment index came in lower than expected at 47.  Readings below 50 indicate more builders are pessimistic than optimistic about market conditions.  No other key data will be released today.

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