Daily Market Update 6/21/11

Rates inched higher Tuesday as a global stock market rally hurt mortgage-backed securities.  In economic news, May Existing Home Sales fell by 3.8%, to the lowest level in six months, in line with expectations.  Investors are now turning their attention to tomorrow’s FOMC meeting of the Fed.  While no rate changes are expected, analysts will be seeking clues about the timing of future shifts in monetary policy.  No other data will be released today.

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