Daily Market Update 1/18/17

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.

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