Daily Market Update 2/18/15

Rates moved higher Wednesday reflecting yesterday’s late sell-off of mortgage-backed securities.  In economic news, January Housing Starts fell 2.0% to 1.065 million annual units, slightly below forecast.  Building Permits also declined.  Industrial Production rose 0.2%, short of expectations.  The January Producer Price Index (PPI) plummeted 0.8%, well below the consensus of 0.4%, and was 0.1% lower than one year ago.  Core PPI, which excludes volatile food and energy components, decreased 0.1%, and was 1.5% higher year-over-year.  Detailed Minutes from last month’s Fed meeting will be released at 2:00 PM.

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