Daily Market Update 7/21/09

Mortgage rates eased Tuesday following comments by Federal Reserve Chairman Ben Bernanke before the House Financial Services Committee. Bernanke indicated the economy is showing “tentative signs of stabilization” and that the Fed intends to maintain a “highly accommodative” monetary policy for an extended period. He also commented on record budget deficits, saying “Unless we demonstrate a strong commitment to fiscal sustainability, we risk having neither financial stability nor durable economic growth”. Stocks moved modestly higher. No economic data will be released today.

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