Daily Market Update 5/22/08

Rates moved higher Thursday as crude oil prices topped $135 per barrel before falling back slightly. Bond traders now see a 30% chance the Fed will need to begin raising interest rates in September to help curb inflation according to the Chicago Board of Trade. US home prices fell 0.2% last quarter, less than forecast. Fed officials lowered their 2008 economic growth outlook yesterday, while raising their outlook for price growth. Separately, first time jobless claims fell to 365,000, down from 374,000 the prior week.

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