Rates moved lower Wednesday following yesterday’s Fed announcement and weaker than expected economic data in Asia. Stocks fell sharply. Yesterday, the Fed announced plans to resume purchasing US Treasurys in an effort to push rates lower and provide increased liquidity into the economy. In economic news, the June Trade Balance was -$49.9 billion, much larger than forecast. The Mortgage Bankers Association weekly purchase activity and refinancing activity indices both rose by 1%. Refinancing accounted for 78% of all activity. Results from today’s 10-year Treasury auction will be released at 1:00 PM.