Daily Market Update 12/7/09

Rates inched lower Monday as mortgage-backed securities partially recovered from Friday’s losses, driven by a stronger than expected Employment Report. The dollar rose against the euro on speculation November’s dip in the Unemployment Rate would enable the Fed to begin raising rates sooner than anticipated, perhaps as early as the first quarter of 2010. Investors will be closely watching Fed Chairman Bernanke’s speech this afternoon before the Economic Club of Washington for any clues as to the timing of future rate increases. No economic data will be released today.

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