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Today’s Market News
08/04/2011
Treasury prices are edging higher this morning as the dreaded word "recession" seems to be creeping into headlines and discussions with increased frequency lately. As a result, the rally in Treasuries appears to have legs as many investors are betting that tomorrow’s non-farm payroll report will help confirm that the US economy is stagnating. This morning’s release of the weekly jobless claims report partially validated that argument. Continuing claims unexpectedly increased to 3.73m versus expectations of a dip to 3.69m from the previous month’s level of 3.703mln. Currently, the 10yr yield is at 2.583% (2. 613% yesterday) and the 2-10 yield spread is at 222bps, flatter by 2bps since yesterday morning.
