Daily Market Update 3/1/11

Rates were little changed Tuesday following testimony by Fed Chairman Ben Bernanke before the Senate Banking Committee. Bernanke offered no indication that he was considering ending the Fed’s $600 billion bond purchase program. Regarding oil prices, Bernanke said “The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in US consumer price inflation.” In economic news, the Institute for Supply Management manufacturing index rose to 61.4, beating forecast. Construction Spending fell 0.7% in January, a bit more than expected. No other key data will be released today.

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