Daily Market Update 6/27/13

Rates inched lower Thursday as a number of Fed officials suggested that investors have overreacted to the most recent Fed announcement.  Today’s economic data was generally better than expected.  The May Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1% from April, matching forecast, and was a tame 1.1% higher than one year ago.  Weekly Jobless Claims declined to 346,000, in line with expectations.  Pending Home Sales jumped 6.7% in May to the highest level in 6 years.  Stocks moved higher.  Freddie Mac reported that average mortgage rates rose last week to 4.46% from 3.93%, the largest weekly increase in 26 years.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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