Daily Market Update 6/3/15

Rates faced upward pressure Wednesday on economic news from Europe.  Investors remain optimistic that a bailout agreement will be reached with Greece.  Separately, ECB President Mario Draghi said the eurozone is on track for higher inflation and stronger growth, pushing bond yields higher.  The U.S. economic data had little impact.  This morning, payrolls firm ADP estimated private sector job gains of 201,000 in May, in line with forecast.  The Trade Deficit came in well below expectations.  The Institute for Supply Management services index fell to 55.7, a bit weaker than expected.  Readings above 50.0 indicate expansion in the services sector of the economy.  Stocks moved higher.  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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