Daily Market Update 3/17/16

Rates moved lower Thursday as a result of yesterday’s policy statement by the Fed which reduced the number of expected rate hikes in 2016 from four to two.  Reasons for this included a downgrade in the outlook for U.S. economic growth and concerns about the pace of global economic growth.  In today’s economic news, the Philly Fed regional manufacturing index jumped to 12.4, well above the consensus of -1.5.  Readings above zero indicate expansion in the manufacturing sector in the Philadelphia region.  Separately, weekly Jobless Claims rose to 265,000, a bit less than expected.  The Labor Department reported that the Job Openings and Labor Turnover Summary, or JOLTS, rose in February to 5.54 million, beating expectations.  Stocks moved higher.  No other key data will be released today.

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