Daily Market Update 3/10/09

Mortgage rates remained little changed Tuesday as mortgage-backed securities outperformed Treasuries. Treasury markets sank ahead of this afternoon’s $34 billion auction of 3-year notes. The government will also auction $18 billion of 10-year notes tomorrow and $11 billion 30-year notes Thursday. Traders are concerned about the immense supply of government debt needed to finance the various rescue and stimulus plans. Bonds came under further pressure as stocks moved sharply higher. Fed Chairman Ben Bernanke pressed for a complete overhaul of US financial regulations in a speech this morning before the Council on Foreign Relations. No economic data will be released today.

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