Daily Market Update 2/1/17

Mortgage rates moved higher Wednesday following the release of stronger than expected economic data and ahead of this afternoon’s Fed announcement.  This morning, payrolls firm ADP estimated January private sector job growth of 246,000, well above the consensus forecast of 170,000.  The Institute for Supply Management manufacturing index rose to 56.0, a bit higher than expected.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  December Construction Spending jumped 0.9%, beating expectations for an increase of 0.5%.  The Fed will wrap up its two-day Federal Open Market Committee meeting to discuss monetary policy this afternoon and release a policy statement at 2:00 PM.  No rate changes are expected, but investors will be watching closely for clues about the timing of future increases.

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