Daily Market Update 5/16/11

Rates were little changed Monday.  In economic news, the Empire State regional manufacturing index declined to 11.9, below forecast, to the lowest level in five months.  The U.S. Treasury began tapping federal pension funds to avoid default as the nation reached its $14.294 trillion statutory debt limit.  Negotiations in Congress to increase the debt limit are ongoing.  No other key data will be released today.

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