Daily Market Update 3/25/13

Rates were little changed Monday as mortgage-backed securities recovered from early losses.  Stocks initially rallied on news that a bank bailout deal had been reached between Cypress and the ECB, but optimism quickly faded as details of the plan emerged.  Deposits up to 100,000 euros will be spared any tax assessment, while deposits above that amount will be taxed up to 40%.  Many wealthy Russian depositors will be affected.  Political uncertainty in Italy also contributed to investor sentiment as stocks turned sharply lower.  No key economic data will be released today.

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