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Gold Continues to Rise
09/16/2010
Jobless claims data was mixed- initial jobless claims printed slightly better than expectations (lowest level in 2 months), while continuing claims were higher than consensus. On the continued global economic uncertainty, gold has set a new record high, $1,277.90/ounce. Treasury Secretary Geithner said that he is not satisfied with the pace of Yuan gains against the dollar and will examine other methods to "encourage the Chinese authorities to move more quickly". Right now, the futures market is pricing in a 95% chance that the Fed keeps rates between 0% and 0.25% through December 14th, 2010. Currently, the Ten Year yield is at 2.777% (2.71% yesterday) and the 2-10 yield spread is at 224bps, steepening 3bps since yesterday morning.
