Daily Market Update 7/30/09

Rates moved slightly higher Thursday as concerns grew over poor demand for this week’s Treasury auctions. Traders drove yields higher during Wednesday’s auction of 5-year notes, raising worries over the burgeoning budget deficit. The government plans to issue $2 trillion in debt this year to finance the rescue and stimulus packages. The Treasury will auction 7-year notes today. In economic news, weekly Jobless Claims came in close to expectations. Stock prices rose. Preliminary second quarter GDP figures will be released tomorrow.

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