Once again world events dwarfed U.S. economic data. Retail Sales in the U.S. rose 1.0% in February, as expected, however, the massive earthquake that hit Japan and events in the Middle East continue to grab headlines.
Stock markets and commodities sold of sharply after news of the Japanese earthquake, and so far the “Day of Rage” in Saudi Arabia has not materialized into anything of substance.
An initial flight to safety into the U.S. Treasury market has faded with the yield on the 10 year note rising from 3.36% to 3.395%. Mortgage prices are worse by .125% to .25%.
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