Daily Market Update 10/28/16

Rates inched higher Friday reflecting yesterday’s selloff of bonds and mortgage-backed securities.  In today’s news, preliminary GDP estimates indicated the economy grew by 2.9% in the third quarter, above the consensus forecast of 2.5%, and up from 1.4% in the second quarter.  Strength was seen in exports and inventory levels.  Consumer spending grew at a slower pace than in the second quarter.  Separately, Consumer Sentiment slipped to 87.2, slightly below expectations.  Stocks moved modestly higher.  No other key data will be released today.

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