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Bob Carey
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  US Economy and Credit Markets Week Ended December 14, 2012
Posted Under: Weekly Market Commentary
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Treasuries were slightly higher on the short end of the curve, but fell on the long end of the curve as Fed Chairman Ben Bernanke announced a clearer picture of when rates will rise from current levels. Yields were relatively unchanged Monday, but modestly higher on Tuesday as Greece bought back enough bonds to qualify for aid from the IMF. Prices were lower again on Wednesday as the Fed announced that it will buy $45 billion of government debt a month and will keep rates low at least until the jobless rate is below 6.5% and as long as inflation stays below 2.5%. Thursday saw little change even as retail sales and initial jobless claims were better than expected. Treasuries increased Friday as industrial production was higher than anticipated, but no progress was made on the US fiscal cliff. Major economic reports (and related consensus forecasts) for next week include: Monday: December Empire Manufacturing Index (-1.00); Wednesday: November Housing Starts (874,000 annualized, -2.2% MoM) and November Building Permits (875,000 annualized, +0.8% MoM); Thursday: 3rd Quarter GDP (2.8%), 3rd Quarter Personal Consumption (+1.4%), Initial Jobless Claims (360,000), December Philadelphia Fed Index (-3.0) and November Existing Home Sales (4.90 million annualized, +2.3% MoM); Friday: November Personal Income and Spending (+0.3% and +0.4%, respectively), November Durable Goods Orders (0.5%), Durable Goods Ex Transportation (-0.2%) and December U. of Michigan Confidence (75.0).
Posted on Monday, December 17, 2012 @ 9:39 AM • Post Link Share: 
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