Daily Market Update 3/4/09

Mortgage rates were little changed Wednesday as mortgage-backed securities outperformed Treasuries. Rebounding stock prices pushed Treasury yields higher, reversing a recent “flight-to-quality” pattern. The Institute for Supply Management services index fell in February, although the decline in the services sector of the economy was less than forecast. The Fed’s “Beige Book”, a survey economic conditions by their 12 regional banks, will be released this afternoon at 2:00 PM. Details of President Obama’s plan to provide relief to troubled homeowners were released today. The Administration hopes to stem to tide of rising foreclosures and stabilize real estate prices. Investors are now turning their focus to the Non-farm Payrolls report due out Friday.

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