Daily Market Update 3/19/15

Rates moved lower Thursday reflecting yesterday’s late rally in mortgage-backed securities following the Fed policy statement.  The Fed removed the word “patient” with respect to future rate hikes, but simultaneously lowered forecasts for economic growth and inflation.  Fed officials also want to see further improvement in the labor market before raising rates.  Investors pushed expectations for rate hikes farther into the future.  This morning, weekly Jobless Claims rose slightly to 291,000.  Leading Indicators rose 0.2%, in line with forecast.  The Philly Fed Index, a survey of manufacturing activity in the Philadelphia region, came in at 5.o, below expectations.  No other key data will be released today.

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