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Bob Carey
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  US Economy and Credit Markets ended November 18, 2011
Posted Under: Weekly Market Commentary
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Treasuries advanced this week and were particularly volatile midweek on the longer end of the curve with 10 and 30 year maturities advancing sharply as equity markets slumped. On Monday the Federal reserve continued with "Operation Twist", purchasing $2.54bln in treasuries maturating between 2036 and 2041 and yields were relatively flat across the board. Tuesday, Mario Monti, Italy's premier-in-waiting, wrapped up talks about forming a new government, providing some reassurance about containment of the European debt crisis and positive retail sales data lifted stocks, causing shorter term treasuries to decline. On Wednesday and Thursday, treasuries with maturities ranging from 5 to 10 years rallied strongly, pushing yields down, when Fitch ratings issued a warning that U.S. banks faced serious risk of deteriorating creditworthiness if the European debt crisis worsens and European sovereign yields increased. Friday marked the end of four consecutive days of treasury increases as the ECB made purchases of Italian and Spanish bonds, bolstering confidence that the European debt crisis could be contained. Major economic reports (and related consensus forecasts) for next week are somewhat limited in light of the Thanksgiving holiday week. Monday: October Existing Home Sales (-2.2% MoM); Tuesday: Annualized GDP (2.5% QoQ) Personal Consumption (2.4% Q3) and Core Personal Consumption Expenditure (2.1% QoQ); Wednesday: October Durable Goods Orders (-1.2% MoM), October Personal Income (+.3% MoM), November University of Michigan Consumer Confidence (64.5).
Posted on Monday, November 21, 2011 @ 2:47 PM • Post Link Share: 
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