Daily Market Update 8/2/12

Rates were little changed Thursday in extremely volatile trading.  Yesterday, the Federal Reserve stopped short of launching a new round of economic stimulus, but said it will “provide additional accommodation as needed to promote a stronger economic recovery”.  This morning, the European Central Bank (ECB) President stated that the ECB will prepare to purchase bonds in the coming weeks.  In the U.S., weekly Jobless Claims rose to 365,000, below the consensus forecast of 370,000.  Factory Orders fell 0.5%, far below expectations.  Non-farm Payrolls for July, the most highly anticipated economic data of the month, will be released tomorrow at 8:30 AM.  No other data will be released today.

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