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Bob Carey
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  US Economy and Credit Markets Week Ended April 27, 2012
Posted Under: Weekly Market Commentary
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Treasury prices were virtually unchanged on the week as positive earnings from US companies continue to be contrasted with European debt concerns. Yields were modestly lower on Monday but all movement was reversed on Tuesday as prices dropped slightly lower on mixed US housing data and as the Richmond Fed Manufacturing Index dropped to 69.2 versus the expected 69.9. Treasuries were little changed Wednesday as Fed Chairman Ben Bernanke repeated his commitment to low interest rates without confirming or eliminating the possibility of more quantitative easing. Prices moved up on Thursday as S&P downgraded Spain's long-term credit rating. US economic data was positive as initial jobless claims and pending home sales were better than anticipated. Treasuries were unchanged on Friday as both personal consumption and consumer confidence were higher than expected, but 1Q GDP grew only at a 2.2% rate versus the projected 2.5%.Major economic reports (and related consensus forecasts) for next week include: Monday: March Personal Income (+0.3%), March Personal Spending (+0.4%), April Chicago Purchasing Manager Index (60.5) and April Dallas Fed Manufacturing Activity (8.0); Tuesday: April ISM Manufacturing (53.0), April Total and Domestic Vehicle Sales (14.4M and 11.1M); Wednesday: March Factory Orders (-1.5); Thursday: Initial Jobless Claims (379,000); Friday: April Change in Nonfarm Payrolls (165,000), April Change in Private Payrolls (170,000) and April Unemployment Rate (8.2%).
Posted on Monday, April 30, 2012 @ 8:30 AM • 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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