The University of Michigan Consumer Confidence report for June was reported this morning at 71.5, almost a 3 point drop from May’s 74.3. The primary cause of the drop was a downgrade in consumers’ outlook for future economic conditions, which outlook dropped from 69.5 to 64.8.
Treasuries gave a little more ground yesterday with the 10 year closing at 3.16%, 5 bps higher than Wednesday’s close. This morning the yield on the 10 year has climbed to 3.20% as we see the unwinding of the fear trade that accompanied the Greek uncertainty continue. Should economic data in the U.S. remain weak should see bonds regain some stability.
The beneficiary of the exodus from U.S. Treasuries has been the stock market. The DOW is higher by over 100 points again this morning, breaking through 12,500.
Home Savings of America will be closed Monday, July 4, 2011 in celebration of Independence Day. Enjoy your long weekend!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment