Daily Market Update 9/29/17

Mortgage rates held steady Friday following the release of mixed economic data.  This morning, the August Core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, below the consensus forecast of 0.2%, and was 1.3% higher year-over-year.  Separately, the Chicago Purchasing Managers Index jumped to 65.2, well above expectations.  Readings above 50.0 indicate expansion in manufacturing in the Midwest region.  Another factor weighing on interest rates is the possibility of a replacement for Fed Chair Janet Yellen, who’s term expires in February 2018.  Although Yellen is being considered for reappointment, several other candidates are being interviewed for the position as well.  No other key data will be released today.

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