Daily Market Update 6/16/16

Rates inched lower Thursday as a decline in stocks boosted mortgage-backed securities.  Yesterday, the Fed left interest rates unchanged, citing last week’s weak employment data and concerns over next week’s British vote to exit the European Union.  In economic news, the May Consumer Price Index (CPI) rose by 0.2%, a bit below forecast.  Core CPI, which excludes volatile food and energy components, also increased 0.2%, in line with expectations, and was 2.2% higher than one year ago.  Weekly Jobless Claims rose to 277,000, above the consensus forecast of 270,000.  The Philly Fed regional manufacturing index came in at 4.7, above the consensus of 1.0.  The National Association of Home Builders housing index increased to 60.  Readings above 50 indicate more positive than negative builder sentiment.  No other key data will be released today.

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