Daily Market Update 5/31/16

Mortgage rates were little changed Tuesday as today’s economic data came in close to expectations.  The April Core PCE price index, the Fed’s preferred measure of inflation, rose 0.2%, matching forecast, and was 1.6% higher than one year ago, well below the Fed’s target level of 2.0%.  The Chicago PMI regional manufacturing index fell to 49.3, below the consensus of 50.7.  Readings below 50.0 indicate contraction in the manufacturing sector.  Consumer Confidence slipped to 92.6.  A reading of 97 had been expected.  No other key data will be released today.

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