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Bob Carey
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  US Economy and Credit Markets Week Ended Oct. 28, 2011
Posted Under: Weekly Market Commentary
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Treasury prices fell last week as European leaders finally agreed upon a solution to contain the region's debt crisis. Prices were relatively unchanged Monday and climbed on Tuesday as a canceled meeting between European finance ministers raised fears an agreement may not be reached. Treasuries reversed this course on Wednesday as leaders reached a solution to recapitalize banks. Durable goods orders ex-transportation grew faster than expected at a rate of 1.7% vs 0.4%. Prices continued their decline on Thursday as risk appetites remained strong. GDP growth was reported exactly as anticipated at 2.5% while personal consumption expanded 2.4%, higher than the projected 1.9%. Treasuries rose on Friday as concerns that the newly reached European agreement may not completely resolve the region's ongoing problem. Personal income grew 0.1%, less than the expected 0.3% and the final October U of M consumer confidence number rose to 60.9 against the projected 58.0. Major economic reports (and related consensus forecasts) for next week include: Monday: Dallas Fed Manufacturing Index (-5.0); Tuesday: September Construction Spending (0.3%), October ISM Manufacturing Index (52.0) and October Vehicle Sales – Annualized (13.2M Total, 10.3 Domestic); Wednesday: FOMC Rate Decision (0.25%); Thursday: Initial Jobless Claims (400,000) and September Factory Orders (-0.1%); Friday: October Change in Nonfarm Payrolls (94,000), October Change in Private Payrolls (125,000) and October Unemployment Rate (9.1%).
Posted on Tuesday, November 1, 2011 @ 7:52 AM • Post Link Share: 
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