Daily Market Update 1/4/16

Rates inched lower Monday as stocks fell sharply on concerns about the pace of growth in China, rising tensions in the Middle East, and weaker than expected economic data in the U.S.  Chinese stocks fell by 7%, triggering a shutdown of trading.  Saudi Arabia cut diplomatic ties with Iran.  In the U.S., Construction Spending declined unexpectedly by 0.4%.  An increase of 0.7% had been forecast.  Separately, the Institute for Supply Management manufacturing index fell to 48.2.  Readings below 50.0 indicate contraction in the manufacturing sector.  No other key data will be released today.

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