Tuesday’s data began with the Case/Shiller housing price index falling .08% in September from August, reflecting the housing market continues to struggle. Separately, the Conference Board told us their measure of consumer confidence rose from 49.9 in October to 54.1 in November, and the ISM Manufacturing index rose slightly from 60.6 in October to 62.5 in November.
These data have all been over powered by the contagion in the Euro zone after the agreement to bailout Ireland, on the heels of the Greece bailout. Markets are pushing Portuguese, Spanish and Italian debt to higher yields---meaning a greater perception of risk.
U.S. Treasuries are again benefiting from this turmoil and we see a slight follow-on in mortgages. Mortgage pricing is improved by approximately .25%.
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