Daily Market Update 5/24/17

Rates inched higher Wednesday reflecting a decline in mortgage-backed securities late Tuesday.  This morning, the National Association of Realtors reported April Existing Home Sales fell 2.3% to an annual rate of 5.57 million units, below expectations.  Severe inventory shortages were cited as a cause for the decline.  Detailed Minutes from the May 3rd Fed meeting will be released at 2:00 PM.  Investors will be looking for clues about the timing of future rate increases.  Results from today’s 5-year Treasury auction will come out at 1:00.

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