Salient to Investors:

Adrian Miller at GMP Securities said 2 weeks of Fed-speak have laid the foundation for a September tapering.

Bill Gross at Pimco said no more QE mean no more bull markets.

The 30-year bond yield was 3.91 percent on August 19, the most since August 2011. Vincent Chaigneau at Societe Generale said 10-year T-yields will reach 3.25 percent by year-end as the Fed slows its stimulus. A Bloomberg survey of financial companies predicts 10-yr T-yields will increase to 2.71 percent and 30-yr yields will rise to 3.73 percent by year-end.

Prices of previously owned houses increased 13.7 percent from a year earlier. said 30-yr fixed mortgage rates rose to 4.59 percent this week, approaching the highest level since May 2011.

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