The economic calendar this week is very light; however, the US Treasury will fill in much of the void with its auction schedule. Today, Treasury is auctioning $32 billion of 3 year notes, followed by $24 billion of 10 year notes on Tuesday and $ $16 billion of 30 year bonds on Wednesday. Remember, Thursday the bond market will be closed in honor of the Veteran’s day holiday.
One item worthy of watching is the upcoming G20 summit. World opinion is lining up in criticism of U.S. monetary policy, with officials from many countries denouncing the Fed’s new quantitative easing program. Even Fed Governor Kevin Warsh in a WSJ op-ed piece stated the “Federal Reserve is not a repair shop for broken fiscal, trade, or regulatory policies”, a clear shot at the current administration and Congress.
The bond market is flat from the close on Friday with little change in mortgage pricing.
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