Daily Market Update 8/23/12

Rates eased slightly Thursday as mortgage-backed securities continued to rally on increased expectations that the Fed will take further easing action unless economic growth picks up sharply.  In economic news, weekly Jobless Claims rose to 372,000, above forecast.  New Home Sales increased to 372,000 annual units, beating expectations, and providing further evidence of a modest rebound in the housing market.  Stocks moved lower as German leaders expressed opposition to an extension of the time frame for Greece to implement reforms required by the bailout package.  No other data will be released today.

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