Daily Market Update 2/18/09

Mortgage rates were little changed Wednesday morning. President Obama intends to unveil a comprehensive $275 billion plan to help prevent foreclosures later today. $200 billion will be used to purchase additional preferred stock in Fannie Mae and Freddie Mac, the balance to assist troubled homeowners in lowering their monthly payments. Industrial Production fell by 1.8% last month, a bit more than forecast. January Housing Starts fell more than expected. The Fed will release minutes from last month’s Federal Open Market Committee meeting at 2:00 PM. The Producer Price Index, a key measure of inflation, will be released tomorrow.

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