Daily Market Update 12/14/16

Mortgage rates were little changed Wednesday ahead of this afternoon’s Fed announcement.  The Federal Open Market Committee of the Fed will wrap up its two-day meeting and release a policy statement at 2:00 PM, followed by Fed Chairwoman Janet Yellen’s press conference at 2:30.  Most investors expect a 1/4% increase in the Fed Funds Rate, but will be watching closely for clues about the timing of future rate hikes.  In economic news, November Retail Sales rose 0.1%, below the consensus forecast for a 0.4% increase.  October results were also revised lower.  Separately, Industrial Production declined 0.4% last month, below expectations.  The November Producer Price Index (PPI) rose more than expected, as Core PPI, which excludes volatile food and energy components, was 1.6% higher than one year ago, up from 1.2% last month.  No other key data will be released today.

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