Bond prices rose sharply on Wednesday as the FOMC’s June minutes showed more clearly the Fed’s downgraded economic view, as the Fed increasingly sees the economy as being years away from its long-term potential. The result of the minutes is a further extension of the “extended period” of low interest rates.
This morning U.S. stock markets are falling on reports that industrial production and manufacturing are slowing, causing bond prices to again improve with the yield on the 10 year note falling below 3%, to 2.99%.
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