Daily Market Update 6/20/08

Mortgage rates remained little changed Friday, having improved slightly for the week. Traders scaled back expectations of aggressive rate hikes by the Fed in coming months amid signs of a deepening economic slowdown. Oil prices surged on reports of an Israeli military exercise rehearsing potential bombing attacks on nuclear facilities in Iran. Stocks and the dollar were lower. Next Wednesday will be a day to watch interest rates with the scheduled release of Durable Goods Orders for May and the central bank’s Federal Open Market Committee meeting to determine monetary policy. While few forecasters expect any change in the Fed Funds Rate, the statement released following the meeting will be closely analyzed for clues as to the future direction of rates.

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