It’s ugly out there. This perfectly describes economic data and news headlines this morning. The Commerce Department reported new home sales in the U.S. fell 16.95 in February, the lowest pace of sales since 1963 when the collection of this data began.
Other headlines cover stories such as: the Libyan crisis is escalating; rising tensions in other Middle Eastern countries; claims that the Portuguese government may fail soon; and reports of Japan’s nuclear problem growing.
One would think all of this bad news would have stocks retreating and a resulting flight to safety bid in the U.S. Treasury market. Neither of these scenarios is playing out as U.S. stock markets are relatively flat as are bonds.
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