Daily Market Update 8/29/12

Rates were little changed Wednesday in another day of quiet trading.  In economic news, second quarter GDP was revised higher to 1.7%, in line with expectations.  The July Pending Home Sales index rose 2.4%, beating forecast, and providing further evidence of a modest recovery in the housing market.  Results from today's 5-year Treasury auction will be released at 1:00 PM.  The Beige Book, a survey of economic activity by the Federal Reserve's 12 Regional Banks, will be released at 2:00 PM.