Daily Market Update 9/18/08

Mortgage rates inched higher Thursday amidst continued financial market turmoil. Weekly Jobless Claims rose to 455,000, while Leading Indicators fell 0.5% in August. Both reports came in worse than expected, but were eclipsed by news that the Federal Reserve and five other central banks agreed to pump $180 billion in reserves into the system to ease the growing liquidity crisis. Major banks have become reluctant to lend to each other for fear of unknown problems and the desire to hoard cash to protect themselves. The dollar fell against the euro and yen. Stocks were modestly lower. No other economic reports are due out this week.

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