Daily Market Update 2/11/14

Mortgage rates faced upward pressure Tuesday following comments by newly installed Fed Chairman Janet Yellen.  In prepared testimony before Congress, Yellen stated that troubles in emerging markets do not pose a substantial risk to US economic outlook, suggesting that the Fed will continue reducing its level of bond purchases.  She also indicated that the Fed will not raise interest rates until the Unemployment Rate is well below 6.5%.  Stocks moved higher.  No key data will be released today.

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