More positive news on inflation this morning as the Consumer Price Index for May falling 0.2%, while excluding food and energy CPI rose 0.1%. Additional economic data came from the Federal Reserve Bank of Philadelphia which reported its economic index for its region fell to 8, from a reading of 21.4 the previous month. While a positive number reflects expansion, the drop in the index reflects the expansion is slowing significantly.
Bond prices rose sharply on the tame inflation and weak economic data, with mortgage bonds improving .25% to .375% in price.
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