WASHINGTON — The Obama administration yesterday unveiled its strategy for the creation of a national high-speed rail network, inviting states and localities to compete in the coming months for federal funding. The grants may favor states that can provide matching funds, from bonds or other sources, market participants said.

The Federal Railroad Administration is expected to issue guidance on or before June 17 on how to apply for the grants. States and localities will then begin submitting plans for 100- to 600-mile corridors that would compose the various legs of a national rail network.

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