Daily Market Update 7/29/14

Rates were little changed Tuesday as mortgage-backed securities gave back early gains following the release of stronger than expected economic data.  Consumer Confidence jumped to 90.9 from 85.2.  A reading of 86.0 had been forecast.  The Federal Open Market Committee of the Federal Reserve began its two-day meeting to discuss monetary policy this morning.  The Fed will release a policy statement tomorrow at 2:00 PM.  Also tomorrow, early estimates for second quarter GDP will be released at 8:30 AM.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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