Daily Market Update

Rates held steady Friday as a key inflation reading came in below expectations.  The April Producer Price Index (PPI) declined 0.2% from March and was 1.9% higher than one year ago, the smallest annual increase since October 2009.  Lower oil prices were a major reason for the decline.  Core PPI, which excludes food and energy components, rose 0.2%, matching forecast.  In other news, Consumer Sentiment rose to 77.8, beating expectations.  Bank stocks declined sharply after JP Morgan Chase reported a trading loss of at least $2 billion.  Next week’s key data includes Tuesday’s Retail Sales figures and Consumer Price Index, and Industrial Production on Wednesday.  Also, Wednesday, minutes from last month’s FOMC meeting of the Fed will be released.  No other data will be released today.

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