Market Update 8/31/2016
MBS are up +1/32 (FNMA 30-yr 3.0 at 103.23), around 1/32 lower than yesterday at this time.
This morning, the ADP estimate for private sector job gains in August was 177K, which was very close to expectations. The Chicago PMI regional manufacturing index declined to 51.5, well below the consensus of of 55.0, and the lowest level since May 2015. The Dow is down 25 points. Pending Home Sales will be released at 10:00 et.