Daily Market Update 12/7/10

Rates spiked Tuesday following news of a tentative agreement between the Obama Administration and Republican leaders on an extension of tax cuts and unemployment benefits. The deal would add an estimated $700 billion to the deficit, which would likely pressure fixed income securities such as Treasurys and mortgage-backed securities. The 10-year Treasury yield hit its highest level since mid-July. Stocks moved modestly higher. No economic data will be released today.

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