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Bob Carey
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  US Economy and Credit Markets Week Ended April 5, 2012
Posted Under: Weekly Market Commentary
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Prices were virtually unchanged during the holiday shortened week as losses on Tuesday were recouped throughout the course of Wednesday and Thursday. Yields were nearly flat on Monday as the ISM Manufacturing index rose higher than expected but buying of ten year paper by the Federal Reserve remained strong. Prices were lower on Tuesday as the minutes of the latest FOMC meeting revealed that another major round of quantitative easing remains unlikely. Yields dropped on Wednesday as lighter demand than expected for European debt auctions once again revived concern surrounding the region's debt crisis. Thursday's rise in prices pushed the week's previous gains back to even in another round of widening yields in Europe. Weekly initial jobless claims of 357,000 were also slightly higher than the anticipated 355,000. Major economic reports (and related consensus forecasts) for next week include: Tuesday: February Wholesale Inventories (+0.5%). Wednesday: March Import Price Index (+0.9%, +4.1% YoY), the Fed's Beige Book released and March Monthly Budget Statement (-$210.0 B). Thursday: February Trade Balance (-$52.0B), March Producer Price Index (+0.3%, +3.0% YoY), March Producer Price Index Ex Food and Energy (+0.2%, +2.8% YoY) and Initial Jobless Claims (355,000). Friday: March Consumer Price Index (+0.3%, +2.6% YoY), March Consumer Price Index Ex Food and Energy (+0.2%, +2.2% YoY) and U. of Michigan April Consumer Confidence (76.5).
Posted on Monday, April 9, 2012 @ 8:23 AM • Post Link Share: 
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