Market commentary

This week’s economic calendar is full including inflation data in the form of the Producer and Consumer Price Indices, Retail Sales, the Fed’s Beige Book, and consumer confidence. If the data were not enough the U.S. Treasury is scheduled to auction $32 billion in 3 year notes, $21 billion in 10 year notes, and $13 billion in 30 bonds. The week also begins where last week left off, with the sovereign debt crisis in Europe, conflicts in the Middle East, the continued saga in Japan and oil prices north of $111 per barrel. Mortgage prices are slightly improved from Friday and the yield on the 10 year note is trading at 3.59%.