Volatility has been high this week, particularly on Wednesday as we saw the 10 year note begin the day at a yield of 3.10% and end the day at 2.95%. This morning the rally in U.S Treasuries continues pushing the yield on the 10 year note to 2.89%.
New claims for jobless benefits last week were reported at 414,000, remaining stubbornly above the 400,000 number. Housing starts building permits rose more than forecast in May, but remain very weak, forecasting a long recovery for the housing market.
The markets remain focused on Europe and the sovereign debt crisis. Greece appears on the verge of default or bankruptcy and a resolution does not seem imminent. The turmoil in Europe will continue to drive volatility in both stock and bond markets worldwide.
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