Daily Market Update 12/31/14

Rates were little changed Wednesday following the release of weaker than expected economic data.  The Chicago Purchasing Managers Index declined to 58.3, below the consensus forecast of 60.0.  Readings above 50.0 indicate expansion in Midwest manufacturing.  Weekly Jobless Claims jumped to 298,000, well above expectations, however the figures may have been distorted by the holidays.  November Pending Home Sales rose 0.8% after having fallen 1.2% in October.  An increase of 1.0% had been expected.  Our office will close today at 12:00 PM.  We will resume normal business hours on Friday.  Happy New Year!

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