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Bob Carey
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  US Economy and Credit Markets ended November 25, 2011
Posted Under: Weekly Market Commentary
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Treasuries closed the holiday shortened week slightly higher on the long end of the curve as investors reacted to continued concerns about European debt and a failure by the US supercommittee to agree upon spending cuts. Prices increased modestly on Monday as the two-year note auction drew its highest demand ever. Yields on 30 year bonds fell to their lowest level in six weeks on Tuesday as US GDP grew at only 2.0% during the 3rd quarter versus the expected 2.5%. Treasuries were modestly higher on Wednesday as yields on the seven year note auction reached record lows even as durable goods orders, durables ex transportation and personal income were all higher than anticipated. Markets were closed on Thursday to celebrate the Thanksgiving holiday. Prices fell in shortened trading on Friday on news that private companies may not be involved in any European debt resolution. Major economic reports (and related consensus forecasts) for next week include: Monday: October New Home Sales (310,000, -1.0% MoM) and Dallas Fed Manufacturing Index (5.0); Wednesday: October Pending Home Sales (+1.2% MoM), November Chicago Purchasing Manager Index (58.5) and the Fed's Beige Book released; Thursday: Initial Jobless Claims (390,000), November ISM Manufacturing Index (51.5), October Construction Spending (+0.4%), November Vehicle Sales – Annualized (13.4M Total, 10.4M Domestic); and Friday: November Change in Nonfarm Payrolls (120,000), November Change in Private Payrolls (145,000) and November Unemployment Rate (9.0%).
Posted on Tuesday, November 29, 2011 @ 10:37 AM • Post Link Share: 
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