Daily Market Update 8/29/11

Rates moved higher Monday as a rally in global stock markets hurt mortgage-backed securities.  Investors were relieved that damage from Hurricane Irene was less severe than had been expected.  In economic news, the July Core PCE price index, one of the Fed’s preferred measures of inflation, increased 0.2% from June, matching expectations.  Personal Income rose by 0.3%, slightly below the consensus forecast.  Pending Home Sales fell 1.3%, a bit less than expected.  No other key data will be released today.

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