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					                                                                                 Market Commentary
Demand for U.S. home loans fell for a third straight week last week although mortgage rates fell to or near record lows. The Mortgage Bankers Association's seasonally adjusted
mortgage applications index, which includes both refinancing and home purchase demand, dropped 4.9 percent in the week ending Sept.2. The MBA's seasonally adjusted
refinancing application index fell 6.3 percent while its gauge of loan requests for home purchases climbed 0.2 percent. Fixed 30-year mortgage rates averaged 4.23 percent, down
from 4.32 percent the prior week and the second lowest rate since the group began its survey nearly 22 years ago. In European news, George Soros is warning the euro zone
debt crisis could be worse than the Lehman Brothers crisis, stocks across Europe rallied Wednesday following news from Athens and Rome on how they plan to tackle their
budget deficits. On Tuesday, Italy's Prime Minister Silvio Berlusconi’s government unveiled how it plans to make up the recent concessions on austerity spending it had promised
a number of special interest groups.




                                                                Today's Graph: MBA Mortgage Applications




                                                                                                                                                               Source: Bloomberg
                                                                             Economic Releases
           Date                                    Economic Figure                        Actual                Consensus                              Prior
      9/7/2011 7:00                           MBA Mortgage Applications                   -4.90%                                                      -9.60%
      9/7/2011 10:00                              JOLTS Job Openings                                                3074                               3109
      9/7/2011 14:00                                Fed's Beige Book
      9/8/2011 8:30                                   Trade Balance                                               -$51.0B                            -$53.1B
      9/8/2011 8:30                               Initial Jobless Claims                                            405K
      9/8/2011 8:30                                 Continuing Claims                                              3706K
      9/8/2011 8:30                          Bloomberg Consumer Comfort                                                                               -49.1
      9/8/2011 8:30                                 Consumer Credit                                                $6.0B                            $15.532B
      9/9/2011 10:00                              Wholesale Inventories                                            0.70%                             0.60%
      9/13/2011 7:30                        NFIB Small Busisness Optimism                                                                             89.9
      9/13/2011 8:30                            Import Price Index MoM                                             -0.70%                            0.30%
     9/13/2011 10:00                             Import Price Index YoY                                                                              14.0%
     9/13/2011 10:00                         IBD/TIPP Economic Optimism                                                                               35.80
     9/13/2011 14:00                           Monthly Budget Statement
      9/14/2011 7:00                          MBA Mortgage Applications                                                                               -4.90%
      9/14/2011 8:30                           Producer Price Index MoM                                            -0.01%                             0.20%
      9/14/2011 8:30                          PPI Ex Food & Energy MoM                                             0.20%                              0.40%
      9/14/2011 8:30                           Producer Price Index YoY                                            6.40%                              7.20%
      9/14/2011 8:30                          PPI Ex Food & Energy YoY                                              2.4%                               2.5%

Today
 30 Year    10 Year     5 Year     2 Year     10 Yr Future      Fannie 4.5     Fannie Par          DJIA              S&P                           NASDAQ
  3.324      2.027      0.907      0.204       103 2/32          106.0625        3.216           11,271.25         1,181.37                        2,511.40

Difference
30 Year     10 Year     5 Year     2 Year     10 Yr Future      Fannie 4.5     Fannie Par          DJIA              S&P                           NASDAQ
 0.099       0.084      0.039        0         (0.5625)           (0.1250)       0.056             30.99             7.40                           31.07

				
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