Daily Market Update 8/12/09

Rates were little changed Wednesday ahead of this afternoon’s Treasury auction and Fed comments. The second leg of a three day Treasury auction takes place at 1:00 PM et. The Federal Open Market Committee (FOMC) of the Fed ends their two day meeting at 2:15 PM. No rate change is expected but investors will be closely watching the FOMC’s accompanying statement regarding the state of the economy. This morning, Trade Balance figures came in close to expectations and second quarter Existing Home Sales rose 3.8% from the first quarter. Median prices fell 15.6% from the same period in 2008. No other economic data will be released today.

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