Daily Market Update 6/3/13

Rates were little changed Monday in another day of volatile trading.  Mortgage-backed securities opened lower, but recovered early losses following the release of weaker than expected economic data.  Construction Spending rose by 0.4% in April, below the consensus forecast of +1.0%.  The Institute for Supply Management manufacturing index declined to 49.0, the first negative reading in six months.  Readings below 50.0 indicate contraction in the manufacturing sector.  No other key economic data will be released today.

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