Daily Market Update 8/11/15

Rates inched lower Tuesday as China unexpectedly devalued its currency in an effort to boost its economy.  Investors interpreted the move as a sign that China’s economy is slowing more quickly than expected.  Stocks fell sharply, boosting mortgage-backed securities.  In the U.S., second quarter Productivity rose 1.3%, a bit slower than expected.  Results from today’s 3-year Treasury auction will be released at 1:00 PM.

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