Daily Market Update 10/27/17

Rates held steady Friday as mortgage-backed securities recovered from yesterday’s late losses.  In economic news, the first estimate for third quarter Gross Domestic Product (GDP) showed growth of 3.0%, well above the consensus forecast of 2.5%, however increased inventories accounted for 0.7% of the growth.  An increase in inventories in the current quarter takes away from future economic activity, therefore the figures were considered close to expectations.  Separately, Consumer Sentiment fell to 100.7, a bit below estimates.  No other key data will be released today.

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