Consumer confidence as measured by the Conference Board rose to a 3 year high in February, even as home price continue to falter. The S&P/Case Shiller index declined 0.4% in December 2010, and declined 2.4% year over year.
Stock and bond markets are generally ignoring the economic data as the focus is on events in the Middle East. Attention continues to focus on protests which turned especially violent in Libya with the Kadafi regime seemingly falling apart. The unrest in Libya is disrupting some oil shipments and, combined with continued protests in Bahrain and other Middle East countries, is shaking world energy markets. US crude oil futures are up sharply to a two and one-half year high this morning.
The U.S. Treasury market is seeing a flight to safety bid again this morning as we see the yield on the 10 year note fall below 3.50% to 3.49%. Mortgage prices are improved by approximately .375%.
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