Daily Market Update 12/2/15

Rates were little changed Wednesday as mortgage-backed securities gave back yesterday’s late gains.  This morning, payrolls firm ADP estimated private sector job growth of 217,000 in November, well above the consensus forecast of 185,000.  Barring a huge disappointment in Friday’s Employment Report, a Fed rate hike is likely at its next meeting in two weeks.  Federal Reserve Chairwoman Janet Yellen is scheduled to speak to the Economic Club of Washington later today.  The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

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