The continued mess in Europe—meaning will Greece actually default on its obligations and now Portugal is a concern. European banking stocks are under pressure as these institutions hold billions of dollars of Greek debt. This is good news for the U.S. bond market as the flight to quality is giving a lift to U.S. treasuries and subsequently mortgage bonds. Pricing is better from Tuesday by .125% to .250%.
Thursday is a full economic calendar with the Producer Price Index (PPI), existing home sales, and durable goods orders. PPI is expected to reflect inflation remains tame, and home sales are expected to reflect the spring buying season has begun.
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