Daily Market Update 1/16/15

Rates held steady Friday as mortgage-backed securities gave back yesterday’s late gains.  In economic news, the December Consumer Price Index (CPI) fell 0.4% and was a mere 0.7% higher than one year ago.  Core CPI, which excludes volatile food and energy components, was unchanged from November, below forecast of a 0.1% increase.  Core CPI was 1.6% higher year-over-year, below the Fed’s target rate for inflation of 2.0%.  December Industrial Production fell 0.1%, matching expectations.  Consumer Sentiment jumped to 98.2, well above an expected reading of 94.1.  No other key economic data will be released today.  Financial markets will be closed on Monday in observance of Martin Luther King Jr. Day.

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