Daily Market Update 6/4/14

Rates held steady Wednesday as stocks moved lower on weaker than expected economic data.  This morning, payrolls firm ADP estimated May private sector job growth of 179,000, below the consensus forecast of 210,000.  The April Trade Deficit jumped to $47.2 billion, well above expectations, to the highest level in two years.  First quarter Productivity was revised lower to -3.2%.  The Institute for Supply Management services index rose to 58.1, beating forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 4%, while the refinance activity index declined by 3%.  Average reported conventional 30-year fixed rates fell to 4.26%, not including fees.  The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

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