Daily Market Update 4/1/15

Rates eased slightly following the release of weaker than expected economic data.  This morning, payrolls firm ADP estimated private sector job growth of 189,000 in March, well below the consensus forecast of 230,000.  Separately, the Institute for Supply Management manufacturing index fell to 51.5, below expectations, to the lowest level since May 2013.  Readings above 50.0 indicate expansion in the manufacturing sector.  February Construction Spending declined by 0.1%.  An increase of 0.1% had been expected.  Stocks moved sharply lower.  No other key data will be released today.

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