Daily Market Update 5/15/14

Rates inched lower Thursday as a sell-off in stocks boosted mortgage-backed securities.  In economic news, weekly Jobless Claims declined to 297,000, far below the consensus forecast of 320,000.  The April Consumer Price Index (CPI) rose 0.3% and was 2.0% higher than one year ago.  Core CPI, which excludes volatile food and energy components, increased 0.2%, matching expectations.  The Empire State manufacturing index jumped unexpectedly to 19.0.  Readings above zero indicate expansion in manufacturing in the New York region.  The National Association of Home Builders housing survey fell to 45.  Readings below 50 indicate negative sentiment among home builders.  First quarter GDP in the euro zone rose by a weaker than expected 0.2%.  Stocks fell sharply.  No other key data will be released today.

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