Daily Market Update 7/15/09

Rates moved higher Wednesday as strength in stocks pushed mortgage-backed securities markets lower. The Consumer Price Index (CPI) rose 0.7% in June, in line with expectations. The core CPI, which excludes volatile food and energy components, rose 0.2% for the month. Industrial Production topped forecast, having declined 0.4% in June, as manufacturing began showing signs of stabilization. The FOMC minutes from the June 24 Fed meeting will be released at 2:00 PM et.