Daily Market Update 7/16/09

Mortgage rates were little changed Thursday after mortgage-backed securities recovered losses sustained late Wednesday. Investors shrugged off lower-than-expected weekly Jobless Claims and focused on news that commercial lending giant CIT was nearing bankruptcy following failed negotiations for federal aid. China stepped up purchases of US Treasurys in a “flight to quality”. The Philly Fed index, a survey of manufacturing activity in the region, came in below forecast. No other economic data will be released today.

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