Daily Market Update 9/16/15

Rates moved higher Wednesday reflecting yesterday’s late selloff of mortgage-backed securities.  In economic news, the Consumer Price Index (CPI) fell 0.1% in August, matching expectations.  CPI, which excludes volatile food and energy components, rose 0.1%, also matching forecast, and was 1.8% higher than one year ago.  The National Association of Home Builders housing index rose to 62, a bit higher than expected, to the highest reading since 2005.  Readings above 50 indicate more positive than negative builder sentiment.  The Federal Open Market Committee of the Federal Reserve began its two-day meeting to discuss monetary policy today.  The Fed will issue a policy statement tomorrow at 2:00 PM.  Investors are mixed on whether the Fed will announce a rate increase, with slightly more than half expecting a move this month.  No other key data will be released today.

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