Daily Market Update 6/10/08

Rates continued trending higher Tuesday following last night’s speech by Fed Chairman Ben Bernanke indicating policy makers will “strongly resist” any surge in inflation expectations. Bernanke also stated he believes the risk of substantial economic downturn has diminished in the past month. Mortgage rates have now risen by about 5/8% over the past three weeks reflecting growing inflationary concerns by investors. Many forecasters expect the central bank to begin raising rates in coming months in spite of generally weak economic conditions. Oil prices remained near record levels, the dollar was higher.

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