Daily Market Update 8/17/09

Rates moved slightly lower Monday as mortgage-backed securities benefited from a sharp decline in the stock market. The 30-year fixed Fannie Mae required net yield is now at its lowest level since July 14. In economic news, the Empire State regional manufacturing index rose well above consensus forecast. Oil prices fell below $65 per barrel, the dollar moved higher. The July Producer Price Index will be released tomorrow. On Thursday the Treasury will announce its funding needs for the next two quarters. No other data will be released today.

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