Daily Market Update 8/2/11

Mortgage rates inched lower Tuesday, and are now at their lowest levels since November.  This morning, the June Core PCE price index, a preferred measure of inflation by the Fed, rose 0.1%, below the consensus forecast of +0.2%.  June Personal Income increased 0.1%, matching expectations.  Consumer Spending declined unexpectedly.  Last night the House passed a proposed $2.4 trillion debt ceiling increase.  The Senate is expected to pass the measure today and send it to the White House for final approval by President Obama.  Stocks moved sharply lower.  No other key data will be released today.

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