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Bob Carey
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  US Economy and Credit Markets ended November 11, 2011
Posted Under: Weekly Market Commentary

Treasuries finished the holiday shortened week relatively unchanged after price increases Wednesday reversed course on Thursday as investors reacted to news on Italian austerity possibilities. Prices were mostly unchanged on Monday and Tuesday as Italian Prime Minister Silvio Berlusconi laid plans to step down after the country's parliament approves proposed austerity measures. Treasuries were higher on the longer end of the curve Wednesday as yields on Italian bonds moved above 7% on fears that austerity plans may not be realized. Prices fell on Thursday as Italian yields dropped below 7% and the auction for U.S. 30 year bonds drew lighter demand than expected. The U.S. bond market was closed Friday in observance of the Veteran's Day holiday. Major economic reports (and related consensus forecasts) for next week include: Tuesday: October Producer Price Index (-0.1% MoM, +6.3% YoY) and October Producer Price Index Excluding Food and Energy (+0.1% MoM, +2.9% YoY), October Advance Retail Sales (+0.3%, +0.2% excluding autos), November Empire Manufacturing Index (-2.15) and September Business Inventories (0.1%). Tuesday: October Consumer Price Index (0.0% MoM, +3.7% YoY), October Consumer Price Index Excluding Food and Energy (+0.1% MoM, +2.1% YoY), October Industrial Production (+0.4%) and October Capacity Utilization (77.6%); Thursday: October Housing Starts (610,000, -7.3% MoM), October Building Permits (602,000, +2.1% MoM), Initial Jobless Claims (395,000), and November Philadelphia Fed Index (9.0).
Posted on Monday, November 14, 2011 @ 3:00 PM • Post Link Share: 
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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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