Daily Market Update 6/15/16

Mortgage rates held steady ahead of this afternoon’s Fed statement.  The Federal Reserve will wrap up its two-day meeting and issue a policy statement at about 2:00 PM.  Fed Chairwoman Janet Yellen will hold a press conference at 2:30.  No rate changes are expected, but investors will be watching closely for clues about the timing of future increases.  In economic news, May Industrial Production fell by 0.4% below the consensus forecast for a decline of 0.2%.  The Producer Price Index (PPI) rose 0.4%, slightly above expectations.  Core PPI, which excludes volatile food and energy components, increased 0.3%.  An increase of 0.2% had been expected.  No other key data will be released today.

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