Daily Market Update 8/10/10

Rates were little changed Tuesday ahead of today’s FOMC meeting of the Federal Reserve. In economic news, second quarter Productivity fell unexpectedly by 0.9%, the first drop since late 2008. Labor costs increased at a scant 0.2% annual rate. Stocks moved sharply lower. Results from today’s 3-year Treasury auction will be released at 1:00 PM. The Fed announcement will come out at 2:15 PM. No rate changes are expected, but investors are divided about whether the Fed will reveal any significant changes in monetary policy, such as purchasing additional mortgage-backed securities.

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