Daily Market Update 5/16/14

Rates faced upward pressure Friday following the release of stronger than expected housing data.  April Housing Starts rose 13% to an annual rate of 1,072,000 units, well above the consensus forecast of 980,000.  However, nearly all of the increase came from multi-family units, which jumped 40%.  April Building Permits, a leading indicator, increased 8% to the highest level since June 2008.  Separately, Consumer Sentiment fell to 81.8, below expectations.  Stocks moved lower.  No other data will be released today.

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