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03/29/2011
Stocks are lower on concern that banks in Europe will have to raise more capital. Investors are also still trying to gauge the impact of the nuclear crisis in Japan. The Treasury will auction $35B of 5yr notes today and $29B of 7yr notes tomorrow. Right now, the futures market is pricing in about a 91% chance that the Fed keeps rates between 0% and 0.25% through August 9th, 2011. Currently, the Ten Year yield is at 3.45% (3.48% yesterday) and the 2-10 yield spread is at 265bps, flattening 4bps since yesterday morning.
