Daily Market Update 4/30/14

Mortgage rates held steady Wednesday following the release of mixed economic data.  This morning, first quarter GDP rose 0.1%, well below the consensus forecast of 1.1%, and down from 2.6% in the fourth quarter.  The Chicago Purchasing Managers Index jumped to 63.0, far above expectations.  Readings greater than 50.0 indicate expansion in the Midwest manufacturing sector.  Payrolls firm ADP estimated private sector job growth of 220,000 in April, a bit higher than expected.  The Federal Reserve will wrap up a two-day meeting to discuss monetary policy this afternoon and release a statement at about 2:00 PM.

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