Daily Market Update 1/15/15

Rates were little changed Thursday in volatile trading.  This morning, the Swiss National Bank announced it would no longer peg the Swiss franc to the euro ahead of next week’s European Central Bank (ECB) meeting.  It is expected the ECB will announce plans to purchase sovereign bonds to push yields lower in an effort to stimulate the economies of European Union members.  The value of the franc immediately surged by 30% against the euro.  In other news, weekly Jobless Claims jumped to 316,000, well above forecast, to the highest level since May.  The Empire State regional manufacturing index rose to 10.0, beating expectations, while the Philly Fed regional manufacturing survey fell to 6.3.  A reading of 18.0 had been expected.  The Producer Price Index (PPI) fell 0.3% in December, and was 1.1% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.3% and was 2.1% higher year-over-year.  No other key data will be released today.

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