Treasuries prices are improving/interest rates falling, again this morning with the 10-year trading at 3.43%. The strong bid appears to be based partly on a flight to quality from the world unrest and partly on concerns that the rising oil prices could quell what is already a weak economic recovery. Gasoline prices are rising with the average price across the U.S. higher by over 50 cents per gallon since last February.
Durable goods orders rose 2.7% in January but fell 3.6% ex-transportation, making the overall weaker than expected.
Initial jobless claims fell back below the 400k mark to 391k for the week ending February 19th. The four-week moving average fell from 418k to 402k. The moving average is finally within striking range of the elusive 400k mark, which could be a positive for the next payroll report due a week from tomorrow.
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