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Bob Carey
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  US Economy and Credit Markets Week February 13, 2015
Posted Under: Weekly Market Commentary

Treasury prices dropped throughout the week on strong equity markets and economic news. Greece dominated the news on Monday and Tuesday as Greek Prime Minister Alexis Tsipras pledged to undo the austerity measures that were part of the country's bailout. Tsipras said that Greece would seek a bridge loan until June and refuse to accept a bailout with the current terms, setting up a confrontation with Greece's creditors. However, the Syriza-led coalition government in Greece still plans to privatize the country's largest port, the Port of Piraeus, which will please creditors. Treasury prices dropped slightly on Monday and Tuesday, and again on Wednesday despite strong demand for the $24B auction of 10-Year Treasury notes from indirect bidders, a group that includes foreign central banks. Treasury prices rebounded on Thursday due to a weaker than expected retail sales report and more initial jobless claims than the consensus economic projections. On Friday, Treasury prices dropped again as oil prices rose and the Eurozone economic growth slightly exceeded the consensus economist expectations. Oil began the week on a slide, falling over 5% by Wednesday but rebounded to close the week up 2% by Friday. Major economic reports (and related consensus forecasts) for the upcoming holiday shortened week include: Tuesday: February Empire Manufacturing (8.5); Wednesday: Feb 12 MBA Mortgage Applications, January Housing Starts (1,070,000), January PPI Final Demand (-0.4% MoM, 0.4% YoY), January Industrial Production (0.3% MoM), January Capacity Utilization (79.9%); Thursday: February 14 Initial Jobless Claims (290,000), January Leading Index (0.3%); Friday: February P Market US Manufacturing PMI (53.6).
Posted on Tuesday, February 17, 2015 @ 8:55 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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