Rates faced upward pressure Thursday as mortgage-backed securities gave back most of yesterday’s gains. Newly released economic data came in close to expectations. Yesterday, the Fed raised short term interest rates by 0.25%, as expected. The Fed provided more details about its plan to begin reducing holdings of U.S. Treasuries and mortgage-backed securities later this year. Reduced demand by the Fed for mortgage-backed securities may result in upward pressure on rates in the coming months. No other key data will be released today.