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US Economy and Credit Markets Week Ended March 9, 2012 Posted Under: Weekly Market Commentary   Treasuries were lower across all maturities for the week, as positive U.S. economic data was reported and significant progress was made toward the resolution of the Greek sovereign debt crisis. Yields rose on Monday when the ISM Non-Manufacturing Composite Index beat expectations, printing at 57.3 vs. a 56.8 estimate and the Greek government indicated it expected private creditors to accept its debt swap terms. Tuesday marked a brief reverse of course when U.S. equity markets posted their sharpest drop of the year and Treasuries rallied strongly around uncertain terms in the Greek debt swap. Positive economic data, including better than expected Q4 non-farm productivity (.9% vs. .8%) and ADP employment reports buoyed yields mid-week. On Thursday the deadline for Greece’s debt swap passed and the majority of creditors indicated they would tender their offerings which totaled as much as 155 billion Euros, to participate in the deal. Friday marked a continued decline in Treasuries to close out the week as the February change in Non-Farm Payrolls was reported at 227k vs. a 210k estimate and the unemployment rate held steady at 8.3%, indicating improving conditions in the U.S. labor market. Major economic reports (and related consensus forecasts) for next week include: Tuesday: February Advance Retail Sales (1.1%) and Retail Sales Ex Autos (.4%), The FOMC rate decision (.25% ); Wednesday: Q4 Current Account Balance (-114.2B); Thursday: March Empire Manufacturing (17.5) and February Producer Price Index (.5% MoM) and Producer Price Index ex Energy (.2% MoM); Friday: February Consumer Price Index (.4% MoM), February Industrial Production (.4%) Posted on Monday, March 12, 2012 @ 8:37 AM • Post Link Share:   Printer Friendly

These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

 

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