Daily Market Update 10/23/12

Rates inched lower Tuesday as mortgage-backed securities were boosted by weakness in stocks.  This morning, stock prices fell sharply following weaker than expected corporate earnings reports.  Separately, the New York Times reported that Fed Chairman Ben Bernanke will probably not seek a third term, regardless of who wins the presidential election.  Mitt Romney has already indicated he will replace Bernanke if he wins the Presidency.  Results from today’s 2-year Treasury auction will be released at 1:00 PM.

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