Rates faced upward pressure Friday reflecting yesterday’s late selloff of mortgage-backed securities. Today’s economic news was mixed. Fourth quarter GDP was revised lower to an annualized growth rate of 2.2%, down from 2.6% reported earlier. For the entire year of 2014, GDP rose 2.4%. The Chicago Purchasing Managers Index fell sharply to 45.8, far below the consensus forecast of 58.0. Readings below 50.0 indicate contraction in the manufacturing sector in the Midwest region. Pending Home Sales increased 1.8% in January, slightly below expectations, but 8.4% higher than January 2014. Consumer Sentiment rose to 95.4, a bit higher than expected. No other key economic data will be released today.