New home sales rebounded in March after a dismal February, however, by all indicators this market has a long way to go on the road to recovery. The main focus for the markets this week will be the two day Fed meeting, which ends Wednesday. In addition to the standard post meeting policy statement, the Fed will also hold a press conference. It would be surprising if the financial media questions did not focus on the decline of the dollar, rising oil prices, or how QE2 might be responsible for commodity price increases.
In addition to the Fed meeting, the U.S. Treasury will auction, 2 year, 5 year, and 7 year notes, Tuesday, Wednesday, and Thursday, respectively. In front of the Fed meeting and debt auctions, bond prices are moving higher, pushing yields lower. The yield on the 10 year note has fallen to 3.65%.
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