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Today’s Market News
09/16/2011
Treasury prices are relatively flat this morning as investors focus on the European finance minister’s meeting in Poland. So far this week, treasury yields have moved higher as investors have overlooked soft economic data and have remained cautiously optimistic that European leaders will step in to prevent Greek default. Today’s economic calendar is light with only the Univ. of Michigan consumer confidence index due to be released. Confidence is actually expected to increase modestly to 56.9 from the prior level of 55.7. Overall, confidence remains low as consumers face the headwinds of continued high unemployment, political gridlock in Washington and an overall economic recovery that has stalled. Currently, the 10yr yield is at 2.106% (2.062% Thursday) and the 2-10 yield spread is at 191 bps, steeper by 4 bps since yesterday morning.
