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Japanese Intervention to Weaken Yen
10/31/2011
Treasuries are picking up where they left off on Friday as lingering questions on last week’s EU deal are pushing prices higher. Meanwhile, Japanese intervention to weaken the yen is adding to the flight to safety bid in Treasuries. This week’s economic calendar starts off slowly but quickly ramps up mid-week with the FOMC meeting conclusion on Wednesday, factory orders and ISM index on Thursday and the heavyweight September Nonfarm payrolls report on Friday. Today’s leaflet of information is contained to just the Oct Chicago PMI and Dallas Fed Manufacturing reports. Currently, the 10yr yield is at 2.234% (2.349% Friday) and the 2-10 yield spread is at 196bps, flatter by 9bps since yesterday morning.
