Daily Market Update 8/29/13

Rates were little changed Thursday in volatile trading.  This morning, second quarter GDP estimates were revised higher to 2.5% annual growth, above the consensus forecast of 2.2%.  The unexpectedly large increase was mostly due to an upward revision to exports.  Mortgage-backed securities initially sold off after the report, but have since recovered their losses.  Weekly Jobless Claims declined to 331,000, close to expectations.  Stocks moved higher.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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