Bonds had a bad day Monday, the result of a weak 2-year note auction. Immediately following the auction, which had weaker-than-normal demand from overseas buyers, the yield on the 10-year note rose from 2.88% to 2.92% and is opening this morning at 2.94%.
Greece is once again the focus of the markets as widespread protests against tax hikes and spending cuts show how tough a deal to bailout Greece will be. In addition to Greece, Italy and Spain are making news. In a little reported event, trading was halted last Friday in two of Italy’s largest banks.
Housing data this morning told us the spring buying season helped support prices in several areas, according to the S&P/CaseShiller price index. The May report reflects this, rising 0.7% month-over-month in May. However, after seasonal adjustments, prices fell 0.09%, telling a recovery in housing is somewhere in the future.
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