Overview: The FOMC announced its plan to lengthen the maturity of $400 billion worth of its Treasury holdings.  Existing home sales increased 7.7% in August as housing starts declined 5.0% and building permits rose 3.2%.  Initial jobless claims fell 9,000 to a level of 423,000 for the week ended 9/17.

• The Federal Open Market Committee (FOMC) announced its plans to alter the maturity of its holdings of $400 billion in shorter-term treasuries into longer-term ones.  In its statement, the FOMC also commented on the significant downside risks that exist in the economy, including global financial market strains.
• Existing home sales unexpectedly rose 7.7% to an annual pace of 5.03 million units in August.
• Housing starts surprised on the downside with a 5.0% decline to an annual rate of 571,000 units in August. 
• Building permits rose 3.2% in August to an annual pace of 620,000 units.   
• Initial jobless claims unexpectedly fell 9,000 to 423,000 for the week ended September 17^th.