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Yesterday’s early losses turned into strong gains on indications from the Fed that an interest rate hike could come later rather than sooner. The bottom line is no one took away the punch bowl. Many economists had expected the Fed to move in June, while more had expected September. But now, the fed funds futures suggest the odds of a first hike in October. (CNBC)

Foreclosure activity in the United States fell last month to the lowest rate in nearly nine years as banks started the process on fewer homes and scheduled fewer auctions. A total of 101,938 properties across the United States are at some stage of the foreclosure process. Foreclosure activity is down 9.4% from year. (Reuters)

Bank of America must allow shareholders to vote on a proposal that calls for the company to consider spinning off its investment banking business.  The company has fought putting the idea on their shareholder proxy ballot.  The SEC says shareholders must be allowed to weigh in. (Reuters)

Streaming music services such as Pandora have eclipsed CD sales, and are closing in on digital downloads as the largest source of revenue for the U.S. music industry's. (Financial Times)

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