Daily Market Update 8/9/11

Rates inched higher Tuesday morning as stocks partially recovered from yesterday’s drubbing.  The Federal Open Market Committee (FOMC) of the Fed is meeting today to discuss monetary policy and will release a statement at 2:15 PM.  Investors will be watching closely for indications of further stimulus by the Fed.  In economic news, second quarter Productivity fell by 0.3%, a bit less than forecast.  Results from today’s $32 billion 3-year Treasury auction, the first since Friday’s US credit downgrade by S&P, will be released at 1:00 PM.

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