Daily Market Update 3/14/17

Mortgage rates were little changed Tuesday as stocks moved lower.  The Fed began its two-day meeting this morning and will release a policy statement tomorrow at 2:00 PM, followed by a press conference by Fed Chair Janet Yellen at 2:30.  Investors will be watching for clues about the likely pace of future rate increases.  In economic news, the Producer Price Index (PPI) rose 0.3% in February, above the consensus forecast of 0.1%.  Excluding volatile food and energy components, the “Core” PPI increased 0.2%, a bit higher than expected.  Core PPI was 1.5% higher year-over-year.  No other key data will be released today.

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