Daily Market Update 10/5/16

Rates inched higher Wednesday reflecting yesterday’s late sell-off of mortgage-backed securities.  This morning, payrolls firm ADP estimated September private sector job growth of 154,000, slightly below forecast.  Separately, Factory Orders rose 0.2%, a bit better than expected.  The Institute for Supply Management services index jumped to 57.1, well above expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  No other key data will be released today.

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