On the data front, the S & P Case Shiller Home Price Index slipped 0.05% in May, but April was revised to a gain of 0.44% from a loss of 0.09%. Therefore, the overall index of 138.87 was actually higher than the 139.80 projected. Year over year, however, the price of homes are down 4.5% from May of last year in the top 20 cities.
Again today the focus will continue to be the debt ceiling discussions. Keep in mind there is also a $35 billion auction of 2-year notes which should be watched closely. Last month’s auction was poorly received and given the dysfunction in Washington, demand is a concern.
Monday the bond market closed weaker with the yield on the 10 year note closing 3.01%. This morning we are seeing a slight improvement in bond prices as stock markets are trending lower.
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