Daily Market Update 8/27/15

Rates were little changed Thursday following the release of mixed economic data.  This morning, second quarter GDP was revised higher to 3.7% annual growth from 2.3%, well above expectations.  However, much of the strength came from areas that are not likely to be repeated, such as increased inventories.  The early consensus for third quarter GDP is below 2%.  Weekly Jobless Claims fell to 271,000, close to forecast.  Pending Home Sales increased by 0.5%, a bit less than expected.  Results from today’s 7-Treasury auction will be released at 1:00 PM.

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