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Greek Prime Minister May Step Down
11/03/2011
Treasury prices are lower this morning as Greek headlines continue to painfully dominate markets. Reports indicate that Greek Prime Minister Papandreou will step down today. This is on the heels of reports of hard-line tactics from the EU indicating that Greece will receive zero assistance and will be asked to leave the EU should the voter referendum reject the plan. Meanwhile, it’s another busy day for the US economic calendar with US jobless claims posting slightly better than expected results in both initial and continuing claims. Later in the morning, the Sept factory orders report is expected to show signs of further slowing in the US economy. Amidst all of today’s activity, investors will also be busy squaring positions ahead of tomorrow’s nonfarm payrolls report. Currently, the 10yr yield is at 2.035% (2.043% Wednesday) and the 2-10 yield spread is at 181bps, steeper by 1bp since yesterday morning.
