Daily Market Update 10/31/16

Mortgage rates held steady Monday ahead of this week’s Fed meeting.  In economic news, the September core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, matching forecast, and was 1.7% higher than one year ago.  Personal Income increased by 0.4%, a bit more than expected.  The Chicago Purchasing Managers Index fell unexpectedly to 50.6, well below expectations.  Readings above 50.0 indicate expansion in manufacturing in the Midwest region.  No other key data will be released today.

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