Daily Market Update 6/5/08

Rates moved higher for a second day following Fed Chairman Ben Bernanke’s comments yesterday emphasizing significant inflation concerns. Bernanke clearly indicated the central bank’s focus has turned to fighting inflation and shoring up the weak US Dollar. Separately, weekly jobless claims came in at 357,000, better than the consensus of 370,000. The economy continues to show signs of remarkable resilience in spite of the depressed housing market and credit crunch.

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