Daily Market Update 7/14/09

Mortgage rates inched higher this morning as the June Producer Price Index (PPI) rose more than expected. The closely-watched “core” rate rose 0.5% last month, well above the consensus forecast of 0.1%. The core PPI was 3.4% higher than one year ago. Retail Sales rose 0.5% in June, close to expectations. Stocks moved lower. The Consumer Price Index and minutes from last month’s FOMC meeting will be released tomorrow.

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