Daily Market Update 5/29/14

Rates were little changed Thursday following the release of mixed economic data.  First quarter GDP was revised lower, showing the economy contracted by 1.0% during the period.  Most of the decline was due to a drop in inventories.  Unusually severe weather was also a factor, and second quarter GDP is expected to be much better.  Weekly Jobless Claims fell to 300,000, below the consensus forecast of 320,000.  Pending Home Sales rose by 0.4% in April, below expectations.  Nationally, Pending Home Sales were down 9.2% compared to April 2013.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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