There are no economic releases scheduled for today but, luckily, yesterday’s were depressing enough to last two days. Initial Jobless Claims again put a sour tone on the employment picture and the Philly Fed indicator of manufacturing activity capped off the day with a much lower-than-expected reading sending investors flying for cover.
The Conference Board’s index of Leading Indicators was released yesterday as well showing a drop in the year-over-year figure from 8.3% to 7.1%. Investors flocked to Treasuries on the negative news driving the 2-year to another record-low close at .48% and dropping the yield on the 10-year by 6 more bps to close the day at 2.57%.
The U.S. Treasury announced the sale of $37B 2-year notes, $36B 5-year notes, and $29B 7-year notes next week. $102B of supply should adequately test investor’s resolve to stay in Treasuries at these low rates.
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