Rates faced upward pressure Wednesday as mortgage-backed securities gave back most of yesterday’s gains. In economic news, the December Consumer Price Index (CPI) rose 0.3%, in line with expectations. Core CPI, which excludes volatile food and energy components, increased 0.2%, matching forecast, and was 2.2% higher than one year ago. Industrial Production rose 0.8%, a bit more than expected. The National Association of Home Builders housing index fell to 67, slightly below forecast. The Fed’s Beige Book, a survey of business activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.