Daily Market Update 8/22/08

Rates moved slightly higher Friday as stocks showed solid gains on lower oil prices and a stronger dollar. Federal Reserve Chairman Ben Bernanke spoke at the annual Fed conference in Jackson Hole, Wyoming this morning, saying a recovery in the dollar and declines in commodity prices should lead inflation to moderate in coming months. However, he warned that policy makers are prepared to act if price increases don’t slow. No economic reports were released today.

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