Daily Market Update 10/26/17

Rates inched lower Thursday reflecting yesterday’s late recovery in mortgage-backed securities.  This morning, the European Central Bank (ECB) announced future plans to reduce its bond purchase program, but extended the timeframe for purchases by nine months, causing little net reaction.  In the U.S., weekly Jobless Claims rose to 233,000, very close to forecast.  September Pending Home Sales were flat, well below expectations, while August sales were revised lower.  Inventory shortages and rising home prices have pushed sales to their lowest levels since January 2015.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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