Daily Market Update 1/6/16

Rates inched lower as stock prices slid following North Korea’s announcement that it had tested a hydrogen bomb.  In economic news, payrolls firm ADP estimated December private sector job growth of 257,000, well above the consensus forecast of 190,000.  Factory Orders fell by 0.2% last month, in line with expectations.  The Institute for Supply Management services index declined to 55.3, a bit lower than expected.  Readings above 50.0 indicate expansion in the services sector of the economy.  Detailed Minutes from the December 16 Fed meeting will be released at 2:00 PM.

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