Rates held steady Wednesday as a sharp decline in stocks helped mortgage-backed securities recover from yesterday’s losses. This morning, China announced new tariffs on 106 U.S. products in response to the recent tariffs imposed on Chinese products by the Trump Administration. Fears of an escalating trade war sent stocks lower. In other news, the Institute for Supply Management services index fell to 58.8, in line with expectations. The ADP/Moody’s Analytics estimate for March private sector job growth was 241,000, well above the consensus forecast for an increase of 200,000. February Factory Orders rose 1.2%, a bit lower than expected. No other key data will be released today.