Daily Market Update 5/15/13

Rates inched higher Wednesday following yesterday’s sharp sell-off of mortgage-backed securities (MBS), although MBS recovered some of their losses this morning.  In economic news, April Industrial Production fell 0.5%, below the consensus forecast of -0.2%.  The Empire State Index declined by 1.4%.  An increase of 3.5% had been expected.  The Producer Price Index (PPI) fell 0.7% in April and was a tame 0.6% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.1% and increased 1.7% year-over-year.  No other key data will be released today.

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