Daily Market Update 10/15/08

Mortgage rates rose Wednesday in spite of weaker than expected Retail Sales for September and falling stock prices. Retail Sales fell 1.2%, the largest monthly decline in three years. The September Producer Price Index (PPI) fell 0.4% from August but was up 8.7% from one year ago. The more closely watched “core” PPI, which excludes food and energy components, rose 0.4%, higher than projected. Recently, mortgage-backed securities markets have broken the usual pattern of moving in the opposite direction of the stock market. Fed Chief Ben Bernanke is scheduled to speak at 12:15 et.

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