Daily Market Update 8/26/11

Mortgage rates inched lower Friday as second quarter GDP was revised down to 1.0% from 1.3%.  In a much-anticipated speech this morning, Fed Chairman Ben Bernanke said that the Fed will consider additional monetary stimulus measures at its September meeting and will implement them if appropriate, but that fiscal policy changes by lawmakers are needed to help boost the economy and labor market.  He gave no indication that the Fed will loosen monetary policy.  The big event next week will be Friday’s Employment Report for August.  Also next week, the Institute for Supply Management manufacturing index will be released on Thursday.  No other key data will be released today.

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