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Bond Market Information Rate Advisory
Wednesday's bond market has opened in negative territory again after this morning's economic data gave us stronger than expected results and yesterday's after-hours earnings release from tech giant Intel has helped boost stock prices during early trading. The Dow is currently up 27 points while the Nasdaq has gained 44 points. The bond market is currently down 16/32, which will likely push this morning's mortgage rates higher by approximately .375 of a discount point.The Labor Department gave us the first piece of data with their release of June's Consumer Price Index (CPI). It revealed a 0.7% increase in the overall index and a 0.2% rise in the core data that excludes more volatile food and energy prices. Both of these readings were 0.1% above forecasts, meaning that prices rose slightly more than expected at the consumer level of the economy. This is considered negative news for the bond market because rising prices means inflation is strengthening. In flation erodes the value of a bond's future fixed interest payments, making them less attractive to investors. Generally speaking, as bond prices fall, mortgage rates rise.Today's second report showed that output at U.S. factories, mines and utilities fell 0.4% last month. While the decline ... more

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