Daily Market Update 9/24/08

Rates inched higher Wednesday as debate continued over the proposed $700 billion government rescue package. Fed Chairman Bernanke, testifying before the Joint Economic Committee, called for Congress to "act quickly to address the grave threats to financial stability". Opposition to the proposal has been growing among members of both parties and a quick resolution now appears less likely. In economic news, Existing Home Sales fell a larger than expected 2.2% in August. Year-to-date sales were down 10.7% from August 2007. Meanwhile, the median price fell 9.5% from a year earlier. Durable Goods Orders and New Home Sales figures will be released tomorrow.