The headlines continue to focus on tragic events in Japan and the continued unrest in the Middle East, almost ignoring the U.S. economic data. Under normal circumstances the rise of 1.6% month over month in the Producer Price Index would have driven interest rates much higher. Excluding food and energy the core index rose 0.5% versus the expected 0.2%.
After closing well of the high prices Tuesday, U.S Treasuries are rallying again this morning as the flight to safety continues.
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