Daily Market Update 12/15/16

Mortgage rates moved higher following yesterday’s Fed policy statement.  As widely expected, the Fed increased the Federal Funds Rate by 1/4%, but investors were surprised when the Fed also raised its projections for the pace of rate hikes in 2017.  In today’s economic news, the November Consumer Price Index (CPI) rose 0.2%, matching forecast.  Weekly Jobless Claims came in close to expectations.  The Philly Fed regional manufacturing index jumped to 21.5, well above the consensus of 9.0.  Readings above zero indicate expansion the manufacturing in the Philadelphia region.  Stocks moved higher.  No other key data will be released today.

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