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Greek Unions Strike
06/28/2011
With the pending Greek austerity vote dominating headlines, treasury prices are modestly lower as investors remain defensive. Battle lines have been drawn as Greek unions have essentially shut down government operations with a general strike that began at midnight. Meanwhile, Greek Prime Minister George Papandreou is spending the final hours trying to appeal to the patriotic duty of lawmakers to pass the austerity plan. In US economic news, today’s CaseShiller April home price report is expected to show further declines of -3.9% vs March’s posting of -3.6% (year over year). Lastly, today’s June US consumer confidence index is expected to dip slightly to 60.5 from May’s posting of 60.8. Currently, the Ten Year yield is at 2.974% and the 2-10 yield spread is at 252bps, unchanged from yesterday morning’s levels.
