Daily Market Update 8/22/14

Rates were little changed Friday in quiet trading following a speech by Fed Chairwoman Janet Yellen at the Jackson Hole annual monetary policy summit.  In prepared remarks, Yellen noted that the economy showed signs of improvement, but the “underutilization of labor resources still remains significant”.  In other words, the Fed will continue to assess the strength of the economy before making any decisions on the timing of future rate increases.  European Central Bank President Draghi will be speaking at 12:30 PM.  No key economic data will be released today.

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