Daily Market Update 6/26/09

Mortgage rates eased Friday as mortgage-backed securities (MBS) markets rallied late Thursday. In economic news, Personal Income grew 1.4% in May, well above expectations. Core PCE, the Fed’s preferred measure of inflation, rose a tame 0.1%, matching forecast. Consumer Sentiment reached its highest reading since February 2008. Personal Savings came in at 6.9% last month, the highest level in 15 years. Several key economic reports are due out next week, beginning with the Chicago Purchasing Managers Index Tuesday, the Institute for Supply Management manufacturing index Wednesday, and Non-farm Payrolls Thursday. Markets will be closed Friday for the July 4th Holiday.

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