Sounding like a broken record (for those of you who remember records), the markets remain focused on Europe as the EU finance ministers have again delayed the decision to release $17 billion of bailout money to Greece. Until there is resolution this issue will dominate global markets. Here, in the U.S., the flight to the perceived safety of Treasuries continues to keep interest rates low, pushing the yield on the 10 year note to 2.94%.
Speaking of U.S. Treasuries and debt, we are now at 43 days and counting until the U.S. defaults on its debt. Unless of course, our leaders come to an agreement on raising the debt ceiling and reducing spending.
Dominating the economic calendar this week is the two day Fed meeting which will end Wednesday with the accompanying policy statement.
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