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Bob Carey
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  US Economy and Credit Markets Week Ended January 11, 2013
Posted Under: Weekly Market Commentary
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Treasury prices ended the week modestly higher after last week's sharp selloff following fiscal cliff negotiations. Treasury prices were higher Tuesday with solid demand for the auction of $32 billion of 3-year notes. The Treasury Department sold $21 billion of 10-year notes on Wednesday to poor demand as indirect and direct bidders bought less than at recent auctions. Prices were pressured Thursday as ECB President Mario Draghi made positive comments, Spain had a strong bond auction and Chinese trade data surprised to the upside reducing demand for the safety of U.S. debt despite a solid auction for $13 billion of 30-year bonds. The November trade balance was reported Friday at a $48.7 billion deficit, much greater than the survey estimate of $41.3 billion. Major economic reports (and related consensus forecasts) for next week include: Tuesday: January Empire Manufacturing Index (0.00), December Advance Retail Sales (0.2%), December Producer Price Index (-0.1% MoM, 1.5% YoY); Wednesday: December Consumer Price Index (0.0% MoM, 1.8% YoY), December Industrial Production (0.3%), December Capacity Utilization (78.5%); Thursday: December Housing Starts (890,000, 3.4% MoM), January Philadelphia Fed. (6.0); Friday: January U. of M. Consumer Confidence (75.0).
Posted on Monday, January 14, 2013 @ 8:51 AM • Post Link Share: 
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