Daily Market Update 6/29/16

Rates held steady Wednesday in quiet trading.  In economic news, the Core PCE price index, the Fed’s preferred measure of inflation, rose 0.2%, in line with expectations, and was a tame 1.6% higher than one year ago.  The Fed’s target rate for inflation is 2.0%.  May Pending Home Sales fell 3.7%, below the consensus forecast for a decrease of 1.5%.  Sales were slightly lower than May 2015, marking the first annual decline in nearly two years.  No other key data will be released today.

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