Daily Market Update 9/15/16

Mortgage rates were little changed Thursday in volatile trading following the release of mixed economic data.  This morning, the Bank of England made no change in rates or in stimulus measures, but suggested it will cut rates later this year if the economy weakens.  In the U.S., August Retail Sales fell 0.1%, well below the consensus forecast for a 0.3% increase.  Industrial Production declined by 0.4%, a bit weaker than expected.  The Philly Fed regional manufacturing index jumped to 12.8, easily beating expectations.  Readings above zero indicate expansion in manufacturing in the Philadelphia region.  The Producer Price Index, weekly Jobless Claims, and Empire State index all came in close to forecast.  Investor expectations for a Fed rate hike at next week’s meeting moved a little lower following today’s data.

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