Daily Market Update 6/15/12

Mortgage rates edged lower Friday on increased expectations for additional monetary stimulus.  The Bank of England announced that it will flood its banking system with cheap funds in an attempt to boost economic growth and provide liquidity.  Spanish bond yields rose to record high levels.  Today’s economic data in the U.S. came in below expectations.  May Industrial Production decreased slightly.  The Empire State index fell from 17.1 to 2.3, far below forecast.  Readings above zero indicate expansion in the manufacturing sector for the region.  Consumer Sentiment declined to a six-month low.  Rates may be volatile next week following this weekend’s elections in Greece.  Also next week, the Federal Open Market Committee (FOMC) of the Federal Reserve will meet for two days beginning Tuesday to discuss monetary policy.  The Fed will issue a statement on Wednesday afternoon.  No other key data will be released today.

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