Daily Market Update 5/1/08

Interest rates moved lower Thursday as investors continued analyzing yesterday’s statement by the Fed. Most economists interpret the remarks to indicate a recognition of increasing inflationary pressures and a renewed emphasis on price stability. In other news, weekly jobless claims jumped to 380,000, well above forecast, and oil prices continued falling. Focus now turns to tomorrow’s Employment Report for April. Weak data could provide room for further improvement in mortgage rates. The market will likely remain volatile until after the release, scheduled for 8:30 AM.

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